Interest free deal for first time buyers in Leicester

With fuel prices tipping the £1.40 per litre mark, inflation rising, the VAT increase earlier this year, and food shortages raising the cost of a weekly shop, buying a first home is getting further away from many people’s grasp.

However, help is at hand from Phoenix Square’s developer Blueprint, in the form of a 10-year interest free loan for up to 20 per cent of the purchase price at one of Leicester’s much sought-after city centre addresses.

Blueprint’s recently launched shared equity scheme means that first time buyers, or those with no property to sell, can purchase a selection of individually designed homes at Phoenix Square for just 80 per cent of the market cost and they only need to find five per cent of the deposit – subject to qualifying criteria.

So, for as little deposit as £4,825, househunters could secure a £96,500 stylish and sustainable one bedroom apartment with a balcony, spacious living kitchen, underground parking and secure entry access.

Or, if the shared equity offer means that money already saved could stretch to extra space, the two bedroom, light and spacious, third floor apartment priced at £132,000 could be an option for a deposit of just £5,280, for those who take advantage of the scheme.

Peter Conboy, Blueprint’s Development Director, said: “The shared equity scheme offers a fantastic opportunity for first time buyers to get onto the property ladder, own 100 per cent of their home from day one and become part of Phoenix Square’s thriving community. With a 10 year, interest free loan available from Blueprint for up to 20 per cent of the purchase price, it is one of the best deals around and offers buyers excellent value for money.”

Phoenix Square is a unique cultural building which combines contemporary living space, with independent cinema, a state of the art gallery, cafe bar, workspaces and office studios to house Leicester’s growing number of creative businesses. It is the creation of a partnership project between Blueprint and Leicester City Council in collaboration with Phoenix and De Montfort University and is an example of 21st century sustainable building design, coupled with leading-edge architectural quality.

Blueprint’s very own shared equity homeownership package is also available at the developer’s Green Street scheme in Nottingham – an exclusive collection of 38 three and four bedroom low energy, contemporary homes in The Meadows. Here, all of the new homes sold to-date have been snapped up by owner-occupiers and around half of the purchasers have taken advantage of the interest free equity loans to help get them moving.

Keep up to date about all the activities at Phoenix Square at twitter.com/phoenixsquare or visit phoenixsquare.co.uk for more information on films, exhibitions, homes and creative business space. Information on Green Street in Nottingham can be found at ourgreenstreet.co.uk.