Why buying could be cheaper than renting in West Brom

Why rent when you can buy is the timely message from Bryant Homes at its Central Square development on Dartmouth Street – where designer two bedroom apartments are now available for 70% of the price!

Because of the Government’s new HomeBuy Direct scheme (to specifically help first time buyers get on the property ladder with an interest free equity loan) two bedroom ‘Dudley’ apartments with allocated parking space that were £94,995 are now available for just £66,496 – and with no deposit to pay.

Plus, for example, this could mean a mortgage of only £348 per month*, which is far cheaper than renting a comparable property in this designated regeneration area of West Bromwich. The HomeBuy Direct scheme also allows you to use a joint annual income figure and you can reduce the mortgage and monthly payments still further by contributing a deposit.

Area sales manager, Michelle Davies, explains: “The HomeBuy Direct scheme is a great way for purchasers to afford their first home. It’s designed to overcome the hurdles of high mortgage costs and larger deposits, which we know are preventing many people from buying. There are only a limited number of our new homes available through the scheme, because interest has been very high, so it’s definitely worth visiting the marketing suite to see what Central Square has to offer.”

The HomeBuy Direct scheme is aimed at helping purchasers with a household income of less than £60,000 afford the home they want. An interest free equity loan is available for up to 30 percent of the value of the property, co-funded by the Homes and Communities Agency and Bryant Homes. No interest is charged on the equity loan for the first five years and the purchaser has to contribute the remaining equity through an agreed mortgage.

Buyers are also able to pay off the equity loan in installments at any stage after the first 12 months or sell their HomeBuy property on the open market if they wish – with the equity loan being repaid by way of a share of the sales proceeds. But ultimately, the loan doesn’t have to be paid off for 25 years if you so desire.

For more information on HomeBuy Direct and the range of properties available at Central Square, visit the marketing suite on Dartmouth Street Thursday – Monday 10am until 5pm or log on to Bryant.co.uk/midlands/centralsquare .

Central Square is made up of 82 new homes (over 60% now sold) and features eight different styles of designer apartment plus a luxury three bedroom townhouse design. These well-designed new homes are set in attractive street scenes and courtyards, giving this development a style and character all of its own. All the properties enjoy a high standard of specification including gas CH, double glazing, fitted kitchen with built-in oven, hob and hood and washer/dryer, plus coveted parking space.

Other availability includes a ‘Grosvenor’ three bedroom, three storey mews home with allocated parking space for £159,995. Dartmouth Street is within easy walking distance of the town centre, which offers a wide variety of everyday facilities, including a Post Office, banks, supermarkets, newsagents, take-away food outlets and public houses, as well as high street and independent stores.

* Monthly payments based on a 25 year repayment mortgage for a 70% loan.