First-time buyers find their perfect home with Lovell

This weekend, first-time buyers in Leicester are being invited to find out just how easy it could be to buy a home of their own when they take advantage of Lovell Eastern’s shared equity scheme at its Earl’s Grange development on Strasbourg Drive.

Lovell is hosting a dedicated first-time buyer weekend this Saturday 3rd and Sunday 4th October from 10am to 5pm, where homebuyers will be able to find out exactly how the housebuilder could help to get them onto the property ladder.

A selection of homes at Earl’s Grange are currently being offered with Lovell’s shared equity scheme, which means that eligible purchasers could buy a brand new home for just 75 per cent of the price. This weekend offers first-time buyers the opportunity to find out all about the scheme along with what homes are available at Earl’s Grange.

Lovell sales advisor, Saleena Draper explained, “Buying, or even thinking about buying a first home, can be a very confusing experience and many people just don’t know whether they would even be able to afford a home of their own.

“This is why we are holding this event, which has been specifically designed for first-time buyers. I will be available to talk to visitors about anything to do with buying a first home. From explaining the homebuying process, to talking about the help that is available to first-time buyers, visitors will be able to leave without any of the worry or anxiety that they might of otherwise had.

“Interested purchasers will also be able to find out more about our shared equity scheme which is ideal for those who would otherwise struggle to get a foot onto the property ladder. The scheme allows purchasers to receive a 25 per cent loan on the value of their home, meaning that a two-bedroom apartment priced at £98,000, could be purchased for an initial outlay of only £73,500.”

Also available over the weekend will be a representative from Mortgage Talk, Lovell’s recommended Independent Mortgage Brokers. Andy Frankish, Managing Director at Mortgage Talk commented, “Many people thinking about buying a home simply dismiss the idea as they think that they either couldn’t afford mortgage repayments or don’t have much saved up in the way of a deposit.

“Lovell’s shared equity scheme is aimed specifically at these people and by using the initiative, not only will most purchasers avoid the need for a deposit, but with a loan to value as low as 75 per cent, many people will be also eligible for very competitive rates on their mortgage.

“We will be on hand throughout the weekend to talk to visitors, not only about shared equity, but anything to do with the financial aspects of buying a home and this is a great opportunity to come along and receive some free, impartial, financial advice.”

Lovell’s shared equity scheme is ideal for those people who might otherwise find affording a new home a struggle and allows them to purchase 100 per cent of the property for just 75 per cent of the price.

There is no interest or rent to pay, the deferred amount is simply paid back as 25 per cent of the property’s open market value after ten years, or up to the point of resale, which ever is sooner. Alternatively the homeowner can choose to pay off lump sums during the 10 year period. The part sum repaid must be 10% of the purchase price or £20,000, whichever is lower.

For example, plot three, the Earlsford style two bedroom apartment is priced at £98,000. But with Lovell’s shared equity scheme, purchasers could buy this home for an initial payment of only £73,500.

Earl’s Grange is located just a few minutes from Beaumont Leys shopping centre which offers a range of high street stores and a major supermarket. Leicester city centre is only 10 minutes away by car which benefits from many big name stores, including the new Highcross Shopping Centre.

Earl’s Grange offers a selection of two-bedroom apartments and two- and three-bedroom houses priced from £98,000. For more information, log on to lovell.co.uk/newhomes.