Why rent when you can buy at The Pier

Crest Nicholson Eastern has recently launched the government initiative HomeBuy Direct at The Pier at its Ingress Park development in Kent, which could save those currently renting at the development up to £3000 a year by purchasing instead.

While many first time buyers think that renting is ‘dead money’ most also think that buying a new home is beyond their reach, not realising that in some cases a monthly mortgage payment could actually save them money.

The HomeBuy Direct scheme at The Pier in Greenhithe means that where rent on a one bedroom apartment could cost around £625-650 a month, with HomeBuy Direct their mortgage payments would be £448.76 per month based on a fixed rate mortgage at 3.79% or £400.07 based on a tracker mortgage at 3.49%.

HomeBuy Direct is a Government backed initiative aimed to help those finding it hard to get onto the property ladder. The scheme offers buyers 100 per cent ownership of their new home for as little as 70 per cent of the price. The remaining 30 per cent is paid for in two equity loans from the Homes and Communities Agency and Crest Nicholson, both of which are interest free for the first five years, and are re-payable upon selling the property.

Annette Cole, Sales and Marketing Director of Crest Nicholson Eastern Ltd comments: “With Crest Nicholson offering the HomeBuy Direct at The Pier, getting onto the property ladder has become a more affordable alternative to renting. First time buyers who thought buying a new home was beyond their reach can now find that repaying a mortgage will be less expensive than paying rent.”

The Pier is a strikingly modern collection of luxury apartments at Ingress Park. All homes at The Pier have a stylish contemporary finish with commodore kitchens, which come complete with a range of integrated stainless steel appliances including oven, hob, extractor hood and fridge/freezer. Bathrooms and en suites feature Villeroy and Boch sanitaryware and are finished with smart chrome accessories.

Ingress Park is extremely well located and provides an ideal home for those wishing to commute to the Capital. The nearby Greenhithe Station provides fast and efficient services in to London Bridge (45 minutes), London Victoria (60-90 minutes), London Cannon Street (50 minutes), Waterloo East (43 minutes) and London Charing Cross (50 minutes). In addition, the newly opened Ebbsfleet International Station offers direct services to the Continent and from late 2009 commuters will be able to take advantage of the new domestic service to London St Pancras in just 17 minutes.

Prices at The Pier start from £152,500 (HomeBuy Ditrect £114,375) for a one bedroom apartment. For further information on The Pier or EasyBuy, visit crestnicholson.com/thepier.