Gladedale offers a hand up the property ladder

Gladedale (North East Scotland) Ltd is offering housebuyers a helping hand up the property ladder with its new Shared Purchase scheme. The scheme allows buyers to pay just 75% of the price of their brand new home, while owning 100% of the property.

The remaining 25% can be paid back in 10 years time or earlier if they decide to sell up and move on.

This innovative plan is being offered at three of Gladedale (North East Scotland) Ltd’s current sites – Drummond Grove in Blairgowrie and Sidlaw Fields and the adjacent Craigowl View developments in Dundee.

Sales and Marketing Manager Tracy Marnoch said the Shared Purchase scheme would particularly benefit first time buyers and young families.

“We are pleased to be offering the Shared Purchase scheme for the first time. It will help to bring properties within the reach of some buyers and allow them to move up the property quicker than might have been possible.

“They will be the sole owner of the property and they can repay the 25% earlier if they want,” she said.

“There are of course a number of conditions – such as buyers can only buy one property under Shared Purchase and no buy-to-let sales are allowed – but our sales executives at each of our developments are available to discuss the scheme in detail and explain exactly how it works to anyone who is interested in finding out more.”

Buyers must use one of Gladedale’s approved mortgage brokers – but in most cases they won’t even need a deposit as the majority of the lenders will allow purchasers to borrow 100% of the 75% value.

The outstanding 25% becomes an interest-free loan which is required to be repaid on the sale of the property or after 10 years.

The amount of the repayment is based on 25% of the open market value at that time, based on a valuation by an independent valuer.

If the resale price falls below the purchase price, the share repayment will still be based on 25% of the share price.

As an example, Shared Purchase would allow a family to buy a property valued at £211,995 for 75% of that value, £158,997, which is payable with a mortgage at the time of purchase.

If they decide to sell and it is sold for £240,000 then 25% (£60,000) is payable to Gladedale. However, if the property is sold or transferred for £200,000 then 25% (£50,000) is payable to Gladedale.

With this scheme opening up new possibilities to potential housebuyers across Dundee and Perthshire, the next big decision is choosing which house type suits their needs.

With a range of quality houses to select from, each designed with modern living in mind and spacious living areas, en-suite bathrooms and generous garages, there is sure to be something for everyone.

Drummond Grove in Blairgowrie is a development of just 37 houses off Berrydale Road, offering a four-bedroom Cullen II as a show home.

Situated in the popular residential Baldragon area of Dundee, Sidlaw Fields and Craigowl View have four-bedroom Thurso II and Strathmore II houses on show.

All show homes and sales offices are open from 11am to 5pm, Thursday to Monday.

For more information on all Gladedale developments, visit Gladedale.com.