Bellway offers first time buyers a ‘lift’ on to the property ladder
First time buyers in the East End of Glasgow are being offered another chance to take advantage of a special shared equity initiative to help them get on the property ladder, thanks to Bellway Homes.
The award-winning housebuilder has already helped 20 buyers move into their own home at its popular Eastfields development in Carntyne as part of the Low-cost Initiative for First Time buyers (LIFT) programme, which was introduced by the Scottish Government earlier this year.
Eastfields offers a collection of stylish and modern one and two bed apartments in the heart of Glasgow’s thriving East End, as part of the initiative.
The LIFT initiative aims to help people on low to moderate incomes who want to own their home at Eastfields but who cannot afford to pay the full price.
Under the terms of LIFT, the Scottish Government and Bellway Homes jointly fund the balance of a property price through an interest free equity loan, with the homebuyer funding the majority share. The initial percentage share a buyer can secure is between a minimum of 60% and a maximum of 80%, but buyers also have the option to increase their stake at any time after the initial purchase, even up to 100% if they wish.
Should a buyer decide to sell their property, if they have a 60% shared equity stake, they will receive 60% of the market value of their property at the time they sell, with the Scottish Government and Bellway Homes each receiving their 20% share.
For potential home-hunters at Eastfields in Carntyne, this means that they could secure a new one bedroom apartment priced at £86,995 for less than £53,000 with a shared equity stake of 60%.
Fraser Conn, Sales & Marketing Director of Bellway Homes, believes the recent sales at Eastfields represent a strong endorsement of the shared equity scheme.
Fraser said: “We’re delighted with the response we’ve had to the LIFT scheme at our Eastfield development so far. We’ve already helped 20 buyers secure a home they had thought was out of reach and are now offering people another chance to benefit from this initiative.
“Eastfields and East End of Glasgow offer first-time buyers a thriving community environment to make the most of, as well as great transport links to the city centre and beyond.”
In addition to the choice of apartments, Eastfields also offers a collection of stylish and modern three-bedroom houses as well as three and four-bedroom townhouses.
Although the range of houses at Eastfields is not part of the LIFT initiative, Bellway Homes offers a stress-free and cost-effective Part Exchange Scheme. Bellway’s Part Exchange package is free of charge and is designed by the experts to help make buying and moving simple.
Bellway will provide a fair offer for your home based upon an independent valuation and there are no estate agents fees or advertising fees to pay – saving you thousands of pounds.
Already the subject of massive regeneration in recent years, Glasgow’s East End will further benefit from improved facilities and links as the location of the Athletes’ Village during the 2014 Commonwealth Games.
Carntyne Station is just a short walk from Eastfields, with Glasgow Queen Street just seven minutes away by train.
For further information, visit bellway.co.uk.
