HomeBuy Direct transports first time buyer onto the property ladder
First time buyers in Croydon are taking advantage of the HomeBuy Direct scheme to secure new apartments at Durkan Estates' Bauhaus development, an iconic 1960s former office building.
Ben Nicholass, a 26 year old Transport Planner who works in Canary Wharf has just purchased a one bedroom apartment through HomeBuy Direct for £160,000. Ben comments: “I had been looking to purchase a property in South Croydon for quite a while but wasn’t sure I would be able to afford it. When I visited Bauhaus, I learnt about HomeBuy Direct and knew it would be the perfect option for me. Amazingly anyone is eligible as long as they earn less than £60,000 a year and can’t afford a home in the area which they work!”
“For me, purchasing an apartment in Croydon is a fantastic investment. The extensive ongoing regeneration of the area will hopefully see prices rise in years to come. Transport links are being upgraded as well as the town centre which is likely to rival London’s West End. I couldn’t have chosen a better long term investment to secure my future on the property ladder.”
Situated just off Croydon High Street Bauhaus is within walking distance of both East and West Croydon train stations. Bauhaus is a stunning new build development on the doorstep of Croydon’s cultural quarter and offers exceptional attention to detail. Featuring a collection of one and two bedroom apartments, three bedroom penthouses and two bedroom mews houses, all of which feature contemporary Lemongrass kitchens with an integrated stainless steel oven, ceramic hob and extractor hood, as well as stainless steel sinks and mixer taps.
The bathrooms at Bauhaus come with Luxury Roca white sanitary ware with steel baths and over the bath shower with glazed bath screen, selected apartments have an en-suite shower room and balconies. Bauhaus also features a landscaped communal courtyard and a 10 year NHBC warranty.
Under the HomeBuy Direct scheme, Durkan Estates will allow for a property to be bought at Bauhaus for 70% of the purchase price with no deposit required. The remaining 30% is provided as an equity loan which comes interest free for the first five years. To be eligible for HomeBuy, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work.
An equity loan of up to 30% of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 70%, which can be done by arranging a regular market rate mortgage. The buyer can then purchase up to 100% equity of the property in installments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.
Prices at Bauhaus start from £160,000 for a one bedroom apartment through Homebuy Direct. Interested purchasers can visit the Bauhaus marketing suite and showhome open every day from 10am to 5pm. For further information visit bauhaus-croydon.com.
