New homes within reach for first time buyers

First time buyers in Red Lodge, Suffolk struggling to get a footing on the property ladder have been thrown a much needed lifeline.

This Saturday (9th May) the award-winning housebuilder Crest Nicholson in conjunction with the Government is preparing to launch HomeBuy Direct at its Larks Reach phase of the King Warren development.

From 10am to 5pm this Saturday, first time buyers in the area will be given the opportunity to take advantage of the scheme where they will be able to purchase a stylish apartment for only 70% of the price.

HomeBuy Direct is a brand new initiative designed to be a ‘stepping stone’ to home ownership. With the scheme, first time buyers are able to secure a brand new home at Kings Warren for just 70% of the property’s asking price upfront, making an attractive three bedroom house at the development priced at £175,000, an affordable £122,500 with HomeBuy Direct.

Under HomeBuy Direct, purchasers will own 100 per cent of their new home from day one and the remaining 30 per cent of the property’s market value is funded by an interest free* “equity loan”, jointly financed by Crest Nicholson and the Government. The remaining equity loan does not need to be paid back for the lifespan of the mortgage or until the property is sold; whichever comes sooner. *

Annette Cole, Sales and Marketing Director, Crest Nicholson (Eastern) Ltd. commented: “HomeBuy Direct is a fantastic scheme that will give first time buyers the purchasing power to invest in a home of their own. We anticipate that HomeBuy Direct will really open up the market in this area particularly to those who have been finding it difficult to get the funding. By visiting Larks Reach at Kings Warren this Saturday, new homebuyers will be able to find out how HomeBuy Direct will be able to help them purchase a stylish new apartment at a price that they can afford.”

Comprising a stylish collection of three and four bedroom houses, Larks Reach - as with Kings Warren as a whole - will appeal to a wide range of buyers, whether they are first-time buyers, families or perhaps those looking to retire.

As well as offering a peaceful and idyllic rural setting, an excellent road and rail infrastructure close by means that Kings Warren residents are well connected. Kennet Station is located just three miles away and provides frequent and direct rail links to Cambridge in just 30 minutes. Alternatively, Cambridge city centre is just 18 miles by road and there is also easy access to the A11 and nearby A14.

Prices at Larks Reach start from £195,000 for a three bedroom house and £257,500 for a detached four bedroom house. For more information see crestnicholson.com.

*The loans are interest free for the five years. After that, purchasers will pay a fee on the equity loans of 1.75 per cent, rising annually by the Retail Price Index (RPI) plus 1 per cent.