Advice for first time buyers in Leighton Buzzard

Despite recent improvements in the mortgage market for first time buyers many are still struggling to save for a large enough deposit, which is where Redrow could help this weekend.

The housebuilder is holding two open days for would-be homeowners on Saturday and Sunday (March 27 and 28) at The Wharf, in Leighton Buzzard, with advice on tap from an independent financial advisor about a Government scheme that provides home buyers with a 30% equity loan on a new property.

Jointly funded by developer Redrow and the Homes and Communities Agency, the HomeBuy Direct loan is designed to make home ownership achievable for thousands who may otherwise struggle to find a mortgage. However, it is only available on a limited number of properties so those who want to take advantage of the scheme to buy a new canalside apartment at The Wharf should not delay their application.

Dawn Dolloway, area sales manager for Redrow Homes (South Midlands), said: “HomeBuy Direct is all about giving first time buyers the opportunity to take that first and often tricky step onto the property ladder. It’s important that they are armed with all the relevant information they need and so we are inviting them to the development this weekend where they can speak to a financial advisor and our experienced sales consultants who will answer any questions they may have about the scheme.

“Because they receive an equity loan of up to 30%, which is interest free for the first five years, purchasers only need to apply for a 70% mortgage, which gives them access to much improved rates.”

Two-bedroom apartments are currently available from £155,000 so, with a 30% equity loan through HomeBuy Direct, purchasers could find themselves catapulted onto the property ladder for an initial outlay of just £108,000. With two good-sized bedrooms, two bathrooms and a spacious open plan kitchen and living area, the apartments have a lot to offer a range of buyers.

Under HomeBuy Direct first time buyers, key workers and people re-entering the property market after a relationship break-up are among those who can apply for these homes – provided their annual household income is less than £60,000.

Customers will own 100% of their home from day one – but only have to pay between 70 and 85% of the purchase price. They can start purchasing the remaining share in instalments after just 12 months.

Dawn added: “Many people renting dream of owning their own home, but are under the misconception that it’s beyond their means. HomeBuy Direct makes buying your own home more affordable and you could even find that your mortgage repayments are less than the rent for an equivalent property, with the added bonus you are not throwing away ‘dead money’.”

Located in the Linsdale area of Leighton Buzzard, next to the Grand Union Canal and just 35 minutes from London Euston by train, The Wharf offers commuters a retreat from the rat race.

“The Wharf represents an affordable alternative to city living. The apartments are within walking distance of the station, making the ideal home for commuters and with a wide range of shopping and leisure facilities, including lively pubs and bars and a range of excellent restaurants nearby there’s plenty to do,” Dawn commented.

For more information visit The Wharf, on Saturday / Sunday, March 27 / 28 between 10am and 5.30pm.