Live the good life in Ashford
Owning a home of their own is back on the agenda for thousands of people previously priced out of the market – including those buying a Redrow home in Ashford. The Government-backed HomeBuy Direct scheme that will see home owners benefiting from an interest-free equity loan of up to 30% of the purchase price is now available on a selection of homes at The Paddocks@ De Montford Park.
The equity loan will be funded jointly by the Government and Redrow – and, crucially, it’s interest-free for the first five years.
Buyers can use the assistance of HomeBuy Direct when purchasing the three-bedroom ‘Galway’ or four-bedroom ‘Neale’ at The Paddocks, a development that offers the very best of countryside living.
What’s more, thanks to HomeBuy Direct, life at The Paddocks has never been more affordable. Using the scheme, the ‘Galway’ can be purchased for an initial outlay of just £130,900, whilst the Neale is available from £147,000.
First time buyers, key workers, people re-entering the property market after a relationship break-up and families facing overcrowded accommodation are among those who can apply for these homes – provided annual household income is less than £60,000.
Customers will own 100% of their home from day one – but only have to pay between 70 and 85% of the purchase price. They can start purchasing the remaining share in instalments after just 12 months and, because the Government and Redrow will share any equity depreciation as well any appreciation, in a falling market the scheme provides an extra cushion for the homeowner against negative equity.
Mary Timlin, sales director for Redrow Homes (Eastern) said: “This is an excellent opportunity for people to get the new home they’ve always wanted at The Paddocks at a price they can afford. It has to be the smartest way to get onto the property ladder in today’s climate.”
The loan can cover between 15 and 30% of the purchase price and, after the five-year interest-free period, is subject to a gradually increasing fee. If a home owner sells their property before paying back the equity loan, it will be repaid from a share of the sale proceeds.
HomeBuy Direct is funded to the tune of £400 million by the Homes and Communities Agency, the Government’s new single national housing and regeneration agency for England.
The Paddocks @ De Montford Park is located off Tithe Barn Lane, Singleton Hill – just a few minutes from the centre of Ashford. The town boasts two shopping centres with many popular high street stores, as well as a designer outlet centre on the outskirts, a popular market, restaurants, pubs and hotels.
Ashford also offers easy access to the M20, connecting to the M26 and M25 and, for those who like to travel further afield, the town has easy access to the continent via the Eurostar at Ashford International. London is also easily accessible from Ashford by train, being just over an hour to Charing Cross, with the prospect of a reduction in journey time to just 37 minutes when the new high speed rail link opens next year.
For more information about The Paddocks @ De Montford Park, log on to Redrow.co.uk.
