Support for Birmingham homebuyers at Park Central

Support for today’s homebuyers is high on the agenda at Park Central in Birmingham city centre. Developer Crest Nicholson has boosted its range of assistance schemes, making it easier for purchasers to get on or move up the property ladder.

Bordered by Bath Row and Lee Bank Middleway, just minutes from The Mailbox, Park Central is an award-winning development of apartments and freehold townhouses set around eight acres of landscaped public parkland. Eligible buyers at Park Central can now benefit from the return of the government-backed HomeBuy Direct or Crest Nicholson’s dedicated EasyBuy scheme – both of which reduce the mortgage amount needed to buy a new home and are now available on selected plots at the development.

Susan Young, sales and marketing director for Crest Nicholson, explained: “At Park Central we understand the importance of supporting buyers in a challenging economic climate; and we appreciate that offering a choice of assistance schemes is key – what works for one purchaser may not necessarily be the best option for another. In order to remain flexible in our approach we have reintroduced HomeBuy Direct at Park Central and we are also now offering EasyBuy to provide support to a wider range of buyers.

“Both schemes have many advantages, including the fact that they are not shared ownership – the purchaser retains 100 per cent ownership of their property, but the biggest plus has to be the reduced mortgage amount required to secure a new home. Prices at Park Central currently start from just £93,000 for a one bedroom apartment – however with HomeBuy Direct the same property could be purchased with a mortgage as low as £65,100, and with EasyBuy the mortgage could be as low as £74,400.

“As an added bonus, purchasers who use HomeBuy Direct or EasyBuy only require a deposit amounting to five per cent of either the HomeBuy Direct price or purchase price of the property – depending on what scheme they choose. This generally comes as a welcome surprise to buyers as they often expect to spend years saving for a deposit of around 25 per cent, when in reality their deposit could be as low as £3,255.”

Eligible purchasers with a household income of less than £60,000 can take advantage of HomeBuy Direct. The initiative sees the government and housebuilder cover up to 15 per cent each, or 30 per cent in total of the property price with a loan. This leaves the buyer with a more affordable mortgage for the remaining 65 per cent together with a five per cent deposit.

EasyBuy is a dedicated Crest Nicholson scheme under which purchasers have the opportunity to pay just 85 per cent of the price of their new home which breaks down as a mortgage for 80 per cent and a five per cent deposit. The remaining 15 per cent share is covered by an equity loan to be paid back at a convenient time. This loan is interest free for the first five years, with a low interest rate fixed at just three per cent APR from the start of year six. The only requirement is that the equity loan is paid back within 10 years of the original completion date; or if the homeowner sells the property, the 15 per cent must be repaid at the property’s current open market value.

Susan continued: “Both HomeBuy Direct and EasyBuy help to put homebuyers back in control, empowering them to pinpoint their main barriers to homeownership and identifying the assistance scheme that best meets their individual needs and financial circumstances. Throughout the process, Crest’s team of sales negotiators are on hand to help and to refer purchasers to an independent financial advisor for more in-depth, impartial advice.”

A wide selection of new homes are currently available at Park Central including a range of one and two bedroom apartments in the popular Liberty building which are priced from just £94,000. At the Lower Parkside phase, a range of 1 & 2-bed apartments and highly exclusive 2,3 & 4-bed freehold townhouses have recently been released. Apartments in the new phase start from just £93,000, with houses priced from £180,000.

For more information on Park Central, visit the marketing suite, which is open daily from 10am to 5pm and is located at Park Central, 2 Mason Way, Birmingham B15 2EY.