Park Central offers easier route to home ownership in Birmingham
At Park Central in Birmingham city centre, homebuyers are taking the ‘Easy Buy’ route to homeownership and proving that it is possible to get on the property ladder and enjoy all the benefits of owning their own home, while saving money each month compared to renting.
Bordered by Bath Row and Lee Bank Middleway, just minutes from The Mailbox, Park Central is an award winning Crest Nicholson development which features an extensive choice of stylish new apartments and townhouses, set around eight acres of landscaped public parkland. Here Crest Nicholson is offering potential purchasers a lifeline with its very own Easy Buy assistance scheme.
Easy Buy helps today’s budget-conscious purchasers by reducing the mortgage amount needed to secure a new home at Park Central. As the scheme is not shared ownership, purchasers get to benefit from having 100 per cent ownership of their new property and, as an added advantage, a deposit of only five per cent is required – which could amount to just £4,600.
Eligible purchasers who take advantage of Easy Buy at Park Central pay just 85 per cent of the price of their new home. This 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 as a share of the property’s open market value – within 10 years of the original completion date or when the property is sold. The equity 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.
Husband and wife Louis and Cheryl Turner purchased a one bedroom apartment at Park Central with the assistance of Easy Buy. Cheryl, who works for a law firm in Birmingham city centre, explained: “My husband and I had been renting an apartment in the centre of Birmingham for 18 months, but our long term plan was to buy a property of our own. When it came to looking for a new home, we were keen to stay based in the city centre and, as I have a friend who lives at Park Central, I was very familiar with the development, so we went along to speak to the sales team.
“We discovered that by using Easy Buy we were able to get on the property ladder at Park Central and, aside from the benefits of actually owning our own home, the biggest advantage is that our monthly mortgage payments are actually less than what we are paying in rent – so we are financially better off for making the move. We’re really happy with our new home, particularly as we’ve got a balcony which looks out across the city centre and we have a great view of Birmingham and its landmarks including The Cube.”
Prices at Park Central currently start from just £92,000 but by using Easy Buy, qualified house hunters could secure a mortgage on that property for just £73,600 with a five per cent deposit of £4,600. A selection of two-bedroom townhouses is also available in the Lower Parkside phase priced from £180,000.
Ruth Williams, sales manager for Crest Nicholson, said: “It is extremely satisfying to be able to assist homebuyers at Park Central. In the case of first time buyers, it is very important that this group is given the help it needs to overcome the challenges presented by the economy and to get on the property ladder. To make the claim that owning your own home at Park Central could prove to be more affordable than renting a comparable property could sound too good to be true, but our buyers continue to demonstrate that this is in fact the case and hopefully the Turner’s story will inspire other to make the move.”
Other assistance schemes are available at Park Central including the government-backed HomeBuy Direct which expires on 31 March. 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.
