An EasyBuy for Adam at Park Central, Birmingham
With the government backed HomeBuy Direct assisted purchase scheme now withdrawn from the property market, Crest Nicholson is continuing to support first time buyers in the region through its dedicated EasyBuy scheme.
One such purchaser to recently take advantage of the scheme is 24 year old Adam Henderson, who, with the help of EasyBuy, was not only able to get onto the property ladder but also upgrade his expectations from a one bedroom to a two bedroom apartment.
Adam secured a two bedroom apartment at Park Central’s Liberty Apartments putting down just a five per cent deposit, and securing an 80 per cent mortgage thanks to a 15 per cent equity loan from Crest Nicholson.
“I was delighted to be able to purchase a property using Crest Nicholson’s EasyBuy scheme,” commented Adam. “EasyBuy has helped me to not only get onto the property ladder but also to secure a mortgage with affordable payments that still enable me to be able to enjoy all that city living in Birmingham has to offer. Park Central is the perfect location for me being within walking distance of the Mailbox, theatres, shops and nightlife and, as I regularly work in London and Manchester, being close to New Street station is also a huge bonus.”
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.
Ruth Williams, sales manager for Crest Nicholson, commented: “The property market is going to remain challenging throughout 2011 and it is therefore vital that we continue to assist home buyers on all levels of the property ladder at Park Central. EasyBuy offers purchasers fantastic support by helping them to secure a mortgage for a reduced amount while still retaining 100 per cent ownership of their property. Prices at Park Central currently start from £92,000 but by using EasyBuy, qualified house hunters could secure a mortgage on that property for just £73,600 – a great way to get onto the property ladder.”
Purchasers at Park Central also benefit from support from the Crest Nicholson team throughout the entire buying process, as Adam Henderson added: “As a first time buyer, I really didn’t know much about the buying process and it was reassuring to have the support of the sales team at Park Central from start to finish. They did a lot of work on my behalf, keeping me informed as the sale progressed and ensuring everything went smoothly when I moved in. I’m now on the property ladder, I love living in the centre of Birmingham and couldn’t be happier with my decision to buy my first home at Park Central.”
Bordered by Bath Row and Lee Bank Middleway, and 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.
Lower Parkside, the latest phase of the development, offers a range of one and two-bedroom apartments alongside highly exclusive two, three and four-bedroom freehold townhouses. Properties at Lower Parkside are available from £92,000 for a one-bedroom apartment, with two-bedroom townhouses 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.
