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HomeBuy Direct to your own home in Oldham

1st December 2010 Print
HomeBuy Direct is available on selected properties at Spinners Mews

Escape the rental trap to a home of your own in Lancashire with the help of a Government-backed scheme.

According to property website Zoopla, buying is more cost effective than renting in 80% of towns and cities in Britain. And at Spinners Mews in Chadderton, near Oldham, purchasers could save even more thanks to HomeBuy Direct.

Lesley Myers, area sales manager for Redrow Homes (Lancashire), commented: “According to Zoopla, the average price of a two-bedroom apartment in Oldham is £134,935, which could leave first time buyers under the misconception that they must resign themselves to a life time of renting. But with apartments at Spinners Mews on the market from just £74,995 now could be the time for them to step onto the property ladder.”

And with the help of HomeBuy Direct, eligible customers could save up to a third of the purchase price. For example, a one-bedroom apartment usually costing £74,995 could be snapped up for an initial outlay of just £52,497; while a two-bedroom apartment, priced at £97,995, could be purchased for as little as £68,597 with HomeBuy Direct.

Open to first time buyers, families in need of extra space and those who are starting over after a change of circumstances, HomeBuy Direct enables eligible customers to take out an equity loan for up to 30% of the purchase price of selected properties. Jointly funded by Redrow and the Homes and Communities Agency, the loan is interest-free for the first five years and can be repaid when the customer has more funds available or they come to resell.

“HomeBuy Direct is designed to help those who would otherwise be priced out of the property market to invest in their future with a home of their own,” Lesley explained.

“Some people think the scheme is no longer available as the allocation for some housebuilders ran out at the end of September. But that’s not the case for Redrow in Chadderton where we have a limited number of homes available with the help of HomeBuy Direct at Spinners Mews. There’s still time for other would-be homeowners to take advantage of the scheme, but limited funding means this valuable assistance is available on selected new homes only.”

HomeBuy Direct customers should only need a relatively small deposit of around 5% of the reduced cost. They will only need to apply for a mortgage with a maximum loan-to-value of 70%, which should generally give them access to improved mortgage interest rates.

To find out how HomeBuy Direct could help you buy the home of your dreams at an affordable price, visit Spinners Mews and speak to the friendly team of experienced sales staff. 

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HomeBuy Direct is available on selected properties at Spinners Mews