The home you want for 70% of the cost

First time buyers wanting a home to call their own or families needing more space could benefit from a government-backed home buying scheme now available in Chorley.

HomeBuy Direct, which allows eligible buyers to take out an equity loan for up to 30% of the purchase price, is currently available on a number of homes at award-winning Redrow’s Hallwood Gardens in Chorley.

Whilst originally heralded as the solution for cash-strapped first time buyers, it also has a place in helping families who can demonstrate the need for an additional bedroom but without them having to take on a bigger mortgage – provided their annual income is less than £60,000.

Jointly funded by Redrow and the government, through the Homes and Community Agency (HCA), the equity loan is interest-free for the first five years. It means a two-bedroom apartment at Hallwood Gardens can be purchased for an initial outlay of just £69,997, whilst a two-bedroom home is available from just £87,497 and a three-bedroom home is available from just £104,996.

Hallwood Gardens is one of 33 Redrow developments across England to offer HomeBuy Direct, between them providing almost 700 affordable properties.

Customers will own 100% of their home from day one – but may only have to pay as little as 70% of the initial purchase price. They can start purchasing the remaining share in instalments after just 12 months.

Lesley Myers, area sales manager for Redrow Homes, says: “With Redrow matching the government pound for pound to provide the 30% equity loan - helping mitigate the need for a large cash deposit - and the loan being interest free for the first five years, this is an excellent opportunity for people to get the brand new home they’ve always wanted at a price they can afford.

“The fact they potentially only need to borrow 70% of the purchase price will help give purchasers access to a range of mortgage deals and, with new homes easier to maintain, more energy efficient and potentially cheaper to run than older second hand properties, it all serves to make new homes at Hallwood Gardens very appealing.”

The two-bedroom Berriedale house with its open-plan kitchen/dining area and fitted kitchen makes a perfect starter home, or buyers may prefer one of the two-bedroom apartments currently available or a three-bedroom property that will offer an additional bedroom.

Hallwood Gardens at Gillibrands Park is a prestigious development of stylish one and two-bedroom apartments and two, three and four-bedroom homes, all within the grounds of the historic, Grade II listed Gillibrands Hall.

Beautifully set against a stunning backdrop of rich woodlands (with tree preservation orders on most) and striking landscaped gardens, a sense of seclusion and intimacy is waiting to be enjoyed. Yet the town centre is approximately one mile away, with everything home owners will need, from high street stores and a post office, to primary schools and doctors.

For those who enjoy leisurely walks, Chorley provides endless options, with Yarrow Valley Park, the West Pennine Moors and the stunning Lancashire Plain all close by.

For more information about HomeBuy Direct at Hallwood Gardens log on to redrow.co.uk/developments/view/148.