First homes within 'Easi' reach in Plymouth
Plymouth home buyers who feared they had been priced out of the property market will be delighted to hear they should not need a hefty deposit at Redrow’s Vision development.
Purchasers with a 5 % deposit need only apply for a maximum 80% loan to value mortgage to buy selected two-bedroom apartments at Vision as they can put off paying 15% of the initial asking price.
By reducing the size of the mortgage required without the need for a large deposit, the easi:buy scheme will hopefully mean purchasers have access to better interest rates. The deferred portion doesn’t need to be repaid until they have more funds available or come to resell.
Vanessa Randall-Short, area sales manager for Redrow Homes (South West), explains: “At Redrow we understand how easy it is to get caught in the rental trap, spending money on rent when you really want own a home of your own. With this in mind, we’re delighted we’ve been able to extend our ‘easi:buy’ scheme to selected two-bedroom ‘Yealm’ homes.
“It’s the ideal way for first time buyers and others who may be struggling to find a mortgage to step on to the property ladder as they should only require a 5% deposit and still have access to some of the more favourable interest rates normally reserved for those with large deposits or substantial equity in an existing home.”
Redrow’s ‘easi:buy’ scheme gives them up to 10 years to repay the 15% deferred portion – but customers will own 100% of their home from day one. It means two-bedroom apartments are currently available for an initial outlay from just £99,446 (full price £116,995).
“And unlike renting, where you don’t have an asset to show for your hard earned cash at the end of the day, if you purchase a home at Vision and property prices increase, you could potentially find that the value of your investment has increased in years to come,” Vanessa added.
The two-bedroom ‘Yealm’ apartments are ready to move into and offer young professionals, couples and singles contemporary open plan living options, as well as modern fitted kitchens, with floor to ceiling units and top name appliances, plus sleek bathrooms with pristine white suites and quality fixtures and fittings.
Each is an ideal first home, situated within easy reach of all the amenities of Plymouth city centre. A completed apartment is open for potential purchasers to view.
Vision playing a major role in rejuvenating the heart of the Devonport community with hundreds of new homes, alongside shops, offices and community facilities.
The site was once part of the town centre, which was heavily damaged during the blitz of World War II, and was requisitioned by the MoD shortly afterwards. Redrow was chosen as preferred developer by national regeneration agency HCA to build a development of 460 new homes together with a range of community facilities on the former MoD site.
To find out more about easi:buy and the homes available visit Vision or log on to: redrow.co.uk
