Better news for first time buyers
A deposit of a few thousand pounds could be all that someone needs to own their first home – whatever the banks may say!
Those ready to get onto the property ladder can often feel confused by the daily barrage of media headlines – but one house builder is doing its best to make things simple.
Anita Williams, sales director for Redrow Homes (NW), says: “A report this week from First Direct revealed that the average housing deposit has tripled in 20 years to almost £66,000. But the truth is, in many parts of the country, a deposit of only a few thousand pounds may actually be enough for someone to purchase their first home.”
The low-deposit option comes in the shape of help from developers like Redrow, either through the Government backed FirstBuy initiative for those with a household income less than £60,000 per year, or via their own deferred payment schemes such as Redrow’s ‘easi:buy’.
Anita explains: “These schemes work by significantly reducing the initial outlay that the home buyer has to make – and with it the amount of deposit required. Usually customers only have to find a deposit of around 4 to 5% of the purchase price and they’ll also have lower monthly mortgage repayments as the initial amount borrowed is less. The balance comes in the shape of an equity loan which can be repaid when the customer has more funds available.”
Currently building across the North West and North Wales, including homes in Stoke-on-Trent, Staffs, as well as places like Altrincham, in Cheshire, Bromborough, in Wirral, and Wrexham, North Wales, Redrow is pleased to be helping first time buyers and those returning to the housing market.
“Help like this makes it possible to get on to the property ladder without a massive deposit. And, given today’s historically low interest rates, home owners could actually find themselves paying less in monthly mortgage repayments than they would in rent for similar sized properties,” Anita adds.
“In areas where we’re currently building, like Stoke, we’d urge would-be first time buyers to come and talk to us about their options. We will do whatever we can to help.”
Redrow offers a range of properties from canalside apartments and townhouses at Water’s Edge in the Hanley area of Stoke-on-Trent to traditionally styled detached family homes from The New Heritage Collection across the North West. To find out more go to redrow.co.uk.
