Good news for buyers who want to break the rental cycle
It's now even easier for first time buyers to afford a brand new home in Plymouth thanks to help from Redrow.
Recent research by Halifax already suggests that it’s 4% more affordable to buy a home in the South West* than to rent one. However, Redrow’s ‘easi:buy’ incentive can bring the initial cost of owning a two-bedroom home down by more than £15,000.
This means homebuyers could be even better off because they don’t have to borrow as much, do not need a large deposit and should be offered improved mortgage interest rates.
Through the easi:buy scheme, purchasers can put off paying 15% of the initial asking price of selected apartments and, with a 5% deposit they need only apply for a maximum 80% loan to value mortgage,
The deferred portion doesn’t need to be repaid until they have more funds available or come to resell.
Hayley Zaple, area sales manager for Redrow Homes (South West), explains: “Many people find themselves in the cycle of spending money on rent when they really want to own a home of their own. However, the latest news from Halifax, coupled with the many benefits of our easi:buy scheme, means those who choose to buy in Plymouth could be better off than they thought.
“It’s ideal for first time buyers and others who may be struggling to secure a mortgage as, even with just a 5% deposit, they’ll hopefully have access to some of the more favourable interest rates normally reserved for those with large deposits or substantial equity in an existing home.”
They’ll have up to 10 years to repay the 15% deferred portion – but customers will own 100% of their home from day one. It means ome-bedroom apartments are currently available for an initial outlay from just £85,846 (full price £100,995).
“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,” Hayley added.
A choice of one and two-bedroom apartments are available 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. Show homes are open to view.
There are also three-bedroom homes available priced from £169,995 and four-bedroom homes, priced from £175,995.
Vision, situated within easy reach of all the amenities of Plymouth city centre, is playing a major role in rejuvenating the heart of the Devonport community with hundreds of new homes, alongside shops, offices and community facilities.
The former MoD owned South Yard Enclave will eventually feature new homes together with a range of community facilities.
To find out more about easi:buy and the homes available visit Vision daily between 10am and 5.30pm.
* Figures from Halifax.
The average monthly costs associated with buying a three-bedroom house in the South West stood at £681 in March 2011; 4% lower than the average monthly rent paid on the same property type of £706.
