A boost for first-time buyers in Oldham

First time buyers in the Oldham area could discover that homeownership is more affordable than they realised with the help of a government-backed scheme.

Thanks to HomeBuy Direct those starting out in life can initially save almost a third off the normal price of a brand new home at Spinners Mews in Chadderon, near Oldham.

Lesley Myers, area sales manager for Redrow Homes (Lancashire) said: “Making that all-important first step onto the property ladder can be tricky and, for many people, HomeBuy Direct is the only way they can realise their dreams of home ownership.

“Those who want to take advantage of this valuable help should act fast as it’s only available on a limited number of plots. While first time buyers will understandably be cautious, those who hold back could find that they’ve missed out on their preferred plot or the opportunity to take advantage of this money saving incentive.”

With HomeBuy Direct customers can take advantage of an equity loan for up to 30% of the asking price, jointly funded by Redrow and the Homes and Communities Agency, enabling them to purchase the home of their dreams at a price they can afford.

The scheme is open to those with an annual household income of under £60,000. Eligible customers include first time buyers and those starting over after a relationship break up.

One-bedroom apartments at Spinners Mews are on the market at the competitive price of £79,995. And with HomeBuy Direct customers could find themselves catapulted onto the property ladder for an initial outlay of as little as £55,996.

The loan is interest free for the first five years and purchasers can repay the outstanding balance when they have more funds available or when they come to resell.

“HomeBuy Direct purchasers should only need a relatively small deposit and to apply for a mortgage with a maximum loan-to-value of 70%. This will generally give them access to much improved mortgage interest rates,” Lesley commented.

“And while an older, second hand property may come with a smaller price tag, buying a brand new home could save them time and money as it won’t need expensive repairs and renovations.”

Residents of Spinners Mews can enjoy the benefit of excellent local facilities in Chadderton, including a good range of schools. Oldham town centre is just a short journey away, while the bright city lights of Manchester are also easily accessible.

For more information about the homes available, visit Spinners Mews in Fields New Road, Chadderton, open Thursday to Monday from 10am to 5.30pm.