First time buyers’ dreams of homeownership come true

Barry Ryan and partner Karen Jones never dreamed they would be able to afford a brand new home in Altrincham until they visited Redrow’s Stamford Brook venture.

Without a large cash deposit the couple thought they would have to settle for an older property in a less desirable area to be able to afford a home of their own. But thanks to an incentive designed to help first time buyers onto the property ladder they were able to buy a brand new home at a price they could afford.

“Karen and I had been travelling for 18 months and on our return we were living at home with our parents while we saved for a deposit to buy a home of our own. We weren’t planning to buy just yet because we thought we would need a big deposit,” Barry explained.

“We were saving with the foresight of buying within a year and had looked in Salford and other areas to see what our budget would stretch to. However, my cousin lives near Stamford Brook and suggested we look there.”

Redrow is building a range of homes at Stamford Brook with something for everyone, from properties aimed at first time buyers like Barry and Karen to larger family homes.

“It was lucky that we came across the development when we did because Redrow were offering their ‘easi:buy’ scheme, which meant we could defer paying a percentage of the price. We wouldn’t have been able to buy in the area without this help,” Barry added.

Barry and Karen have chosen a home at The Willows, a phase of Stamford Brook that includes a choice of two-bedroom apartments plus two and three-bedroom homes. Over at The Elms there are larger three and four-bedroom family homes available.

While ‘easi:buy’ is no longer available at Stamford Brook, those looking to buy their first home can still receive help onto the property ladder thanks to the new Government-backed FirstBuy scheme.

Designed to make homeownership more affordable it provides first time buyers with an equity loan for up to 20% of the purchase price of a brand new home. And they could find that a deposit of just 4% of the property price could be enough to make that crucial first step on to the property ladder.

“Schemes such as ‘easi:buy’ and FirstBuy offer a golden opportunity to live in Altrincham, which is otherwise way out of our age group’s reach. Buying a new build in this area hadn’t crossed our minds because we didn’t think we’d be able to afford to,” Barry commented.

FirstBuy can be used to purchase two and three-bedroom homes at The Willows, including a two-bedroom ‘Fern’, similar to Barry and Karen’s.

Those eligible for FirstBuy can purchase a ‘Fern’ for an initial outlay of just £139,996. With a full market value of £174,995 they’ll need a deposit of around £7,000. The loan can be repaid when they have more funds available or they come to resell.

The ‘Fern’ features an open plan kitchen and dining room with integrated top brand name appliances, separate lounge and a family bathroom with a sleek suite.

“The house is the perfect size for me and Karen. It’s really modern with a stylish kitchen and quality bathroom. The fact that no one else has lived here is a bonus and meant we could put our own stamp on it,” Barry said.

Set in a semi-rural location, Stamford Brook offers the best of both worlds. Woodland walkways and green corridors are part of the development; yet the homes enjoy easy access to local amenities with a supermarket just a stone’s throw away.

Manchester city centre is easily reached and there’s good motorway access to other cities, including Chester and Liverpool, making it a great choice for commuters.

To find out how Redrow could help you buy your dream home, visit The Willows at Stamford Brook, or see redrow.co.uk.