A boost for first time buyers in Farnborough
First time buyers will be spoilt for choice with the news that 125 more apartments, part funded by the Homes and Communities Agency’s ‘Kickstart’ scheme, will be built close to Farnborough town centre.
The HCA has injected more than £1.3 million of funding to help finance 41 of the new homes in the latest phase of Redrow Homes’ Farnborough Central venture.
These 41 homes will be available through the HomeBuy Direct scheme - providing lower income purchasers with an equity loan for up to 30% of the price, jointly funded by Redrow and the HCA.
The cash boost has brought forward the new phase of one and two-bedroom apartments and three and four-bedroom houses on part of the former site of the Royal Aircraft Establishment, which had been stalled when the recession hit.
The availability of HomeBuy Direct means a significant proportion of the new homes will now be an affordable option for many who may have otherwise struggled to get on to the property ladder.
Mary Timlin, sales director for Redrow Homes (South Midlands), said: “This is a great option for first time buyers and key workers who aspire to own a property but may have previously thought it was financially out of reach.
“These new apartments are a great investment opportunity, in what is typically a high cost area for homes, close to the employment hub of Farnborough, public transport and all the fantastic amenities of the town centre. We are transforming a substantial area, once part of the historic Royal Aircraft Establishment, into a thriving community and can’t wait to welcome even more first time buyers to the development.”
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. The equity loan they receive for the remaining portion is interest free for the first five years. They can start purchasing the remaining share in instalments after just 12 months and because they may only need to apply for a 70% mortgage they could find they are offered much improved mortgage interest rates.
Farnborough Central features a mix of brand new apartments and townhouses with art deco and modernist influences that blend elegantly with refurbished historic buildings.
The first 19 apartments in the new phase have already been released for sale and are priced from £179,950 for a one-bedroom property and from £194,950 for a two-bedroom property. Selected apartments available through HomeBuy Direct can be purchased from an initial outlay of just £125,965.
The development also features a choice of contemporary three and four-bedroom townhouses from £259,950.
Mary added: “Our customers have been impressed by the high standard of our interior specification. Our kitchens feature contemporary designs and are fitted with floor to ceiling units and top name appliances, while the sleek white bathroom suites are equally well appointed.”
The new homes at Farnborough Central are conveniently situated next to IQ Farnborough, a vibrant business park with offices, a café, crèche, heritage centre and four-star hotel and leisure complex.
With journey times from Farnborough mainline station to London Waterloo of less than 45 minutes, it’s the ideal place for commuters to call home.
For more information visit the sales and marketing suite off Fowler Avenue, open daily from 10am to 5.30pm.
