Gloucester developer gives home buyers a helping hand
The mortgage market has started to see a light at the end of the tunnel as this summer saw the number of mortgages taken out by first-time buyers reach a ten-month high. According to the Council of Mortgage Lenders, the number of loans given to borrowers in June 2011 was 24% higher than the previous month and the highest since August 2010*.
Crest Nicholson has experienced the rise with more new borrowers making their mark on the property market. The award-winning housing developer is offering its popular EasyBuy and First Buy scheme exclusively to first-time buyers at Whitstone Hundred in Hardwicke, allowing them to purchase a property with only a small deposit.
Amanda Benjamin, Sales Manager for Crest Nicholson South West, explains: “This news is exactly what the property market needs. Lending is improving steadily for first-time buyers who only have a small deposit and Crest Nicholson will continue to support new purchasers to help them onto the ladder.
“The EasyBuy and First Buy scheme’s popularity is a reflection of the recent market results and although the industry may not be out of the woods just yet, it’s encouraging to see that confidence is returning to the property market.”
With EasyBuy, purchasers have an opportunity to own 100 per cent of their new home at 85 per cent of the price, paying no rent or interest on the outstanding 15 per cent for the first five years.
With FirstBuy purchasers will own 100% of their home for just 80% of the price, as Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20% of the full purchase price. The loan is equity free for the first five years, after which a fee of 1.75% is payable. Loans must be repaid when the home is sold.
Whitstone Hundred is set in an enchanting location in the Gloucestershire countryside, offering first-time buyers a choice of 200 fantastic properties, including a range of two bedroom apartments and two, three and four bedroom homes. The development has also launched three stunning show homes for home buyers to enjoy.
Prices at Whitstone Hundred currently start at £107,960 for a two bedroom Sandown terrace house with the FirstBuy scheme. For more information about Whitstone Hundred, please visit the on-site Sales and Marketing suite or visit crestnicholson.com.
*cml.org.uk, 10 August 2011
