Lifeline for first time buyers in Northants

With average house prices out of reach for first time buyers in 96% of UK towns it's harder than ever to get onto the property ladder* - but here's news of an incentive in Corby and Desborough which could throw would-be home owners a much needed lifeline. For a limited period only, selected properties at Redrow @ The Grange, in Desborough, and Redrow at Oakley Vale, Corby, can be bought for an initial outlay up to 25% less than the usual price.

Using Redrow ‘easi-buy', a stylish three-bedroom Fairwood terraced home at Oakley Vale that would normally cost £155,995 can currently be snapped up for just 75% of the asking price (£116,996.25) - with the balance not having to be paid for 10 years.

And at The Grange, in Desborough, only 80% of the full price is needed to get hold of a three-bedroom Fairwood that would normally cost £157,995. Using Redrow's deferred payment scheme it can currently be bought for just £126,396.

Mary Timlin, sales director for Redrow Homes (South Midlands), says: "According to the annual Halifax First Time Buyer Review, people taking their first step onto the property ladder cannot even afford to purchase a terraced property - traditionally the least expensive property type - in 71% of towns across the UK, so is it any wonder that so many young people are putting off that first step onto the property ladder?

"Now though, Redrow's easi-buy scheme is making home ownership more accessible to first time buyers in areas like Corby and Desborough, allowing them to own 100% of their home today whilst deferring between 15 and 25% of the cost to a time when they have more funds available.

"Not only will the customer legally own 100% of the property from the outset, they will not have to pay rent on the deferred element. And there's more good news in that the outstanding cost will reduce on a sliding scale if they repay it within the first three years."

For example, on a Fairwood costing £155,995 in full at Oakley Vale, if purchasers find themselves able to settle the 25% deferred payment within the first year they could potentially save over £15,000 on the overall property price.

Redrow's new offer is subject to terms and conditions and available on selected plots only. The deferred element is paid back at market value at the time of payment, which could go down as well as up.

It's the latest in a number of incentives offered by Redrow under the badge of ‘re:assure', all of them designed to make moving as easy as possible from the moment of first enquiry right through until after the customer has moved in.

Redrow @ The Grange offers a good mix of new homes conveniently close to Market Harborough and Wellingborough, with the amenities of Desborough itself on the development's doorstep. For further details log on to Redrow.co.uk.

Oakley Vale has the duel benefit of being within easy reach of Corby and all its amenities and also just a short drive from some beautiful Northants countryside. The M1 and M6 are both within easy reach and London is around one hour and 35 minutes away by train. For more information go to Redrow.co.uk

* Statistics from the annual Halifax First Time Buyer Review.