Escape the rent race in Baguley
Buyers in Baguley could be financially better off buying a property rather than renting, according to Persimmon Homes North West.
According to Persimmon, rent on a two bedroom apartment in the town costs between £525 and £550 per calendar month. However, with Persimmon’s Shared Equity scheme, would-be-buyers could buy a brand two bedroom apartment at the Sycamore Chase development, on Moor Road, and pay significantly less in mortgage repayments – paying off their own mortgage as opposed to rent to a landlord in the process.
The two bedroom apartment at plot 34 with Shared Equity is priced at just £80,996 and based on figures from Persimmon’s nominated independent financial adviser, buyers could expect to pay, on average, £386 per calendar month in mortgage repayments*.
David Hodgson, sales director for Persimmon Homes North West, comments: “Anyone who is frittering away money in a rental property thinking they can’t afford a new home of their own and can’t stretch to taking out a mortgage, needs to talk to us as many people’s rent is equal to, or in some instances, actually more than repayments.”
He continues: “Competitive house prices, tailored deals including Shared Equity and an all time low interest rate of just 0.5 per cent means it’s a buyers market and that purchasing has never been so easy, or affordable.”
With Persimmon’s Shared Equity scheme, buyers pay 75 per cent of the value of the property and the remaining percentage is not payable for ten years or until the home is re-sold - whichever comes first, with no interest to pay for the first five years.
Ideal for those on lower incomes and for the growing number of people wanting to buy on their own, the scheme is an ideal option for many buyers as it means they are able to purchase without having the cost of the whole mortgage.
David concludes: “Not only can buyers benefit from buying now at a time when prices are at their most competitive but with plans to connect Baguley to Manchester Airport by tram by 2016, its appeal will undoubtedly become further enhanced.”
Sycamore Chase just minutes from Altrincham and only a few miles south of the vibrant city centre of Manchester. It benefits from a wealth of local amenities, including a retail park, as well as excellent sports and leisure facilities and is ideal for commuters as the development is close to the motorway network with the M56, M60 and M6 all within easy reach.
For further information on the Sycamore Chase development, visit the marketing suite open Thursday to Monday from 10.30am until 5.30pm.
* Deposit of £4,049 needed and mortgage based on a 35-year term. Subject to financial advice and individual financial circumstances. Customers are advised to speak to Persimmon’s recommended mortgage adviser for more information.
