Buyers potentially better off than renters in St Neots
Mortgages for homebuyers in St Neots could work out much cheaper than the average monthly rent if they choose to buy through a Government-backed help scheme.
The FirstBuy initiative gives people with only a small deposit a helping hand to buy a home. It provides would-be home owners with an equity loan for up to 20% of the purchase price but buyers own their entire home from day one.
It means home owners could be paying much less for their mortgage every month, compared to the rent on an equivalent property.
Take for example a brand new two-bedroom Redrow apartment at Loves Farm, in St Neots. Redrow has calculated that its customers could be as much as £155* better off every month if they opt to buy compared to the rent they would pay on an average two-bedroom home in St Neots.
Mary Timlin, sales director for Redrow Homes (South Midlands), explains: “FirstBuy presents a great opportunity for first time buyers to get a foothold on the property ladder. They could also find they are better off than if they were renting, leaving them with more free cash to spend on the finer things in life such as furnishing their home or a extra holiday.
“FirstBuy makes buying possible for many who thought the credit squeeze had priced them out of the market. The initially interest free loan is jointly funded by us, the developer, and the Government. It means customers can experience the joy of owning 100% of your first home but pay a smaller deposit and have lower monthly mortgage repayments.”
Who is eligible for the scheme?
You could qualify for the FirstBuy scheme if you meet the following criteria:
you are a first time buyer (or wanting to return to home ownership)
your household earnings are less that £60,000 a year
The scheme can be used to purchase two-bedroom apartments, priced from £123,950 (initial outlay with FirstBuy just £99,160) or three-bedroom homes, priced from £179,950 (initial outlay with FirstBuy just £143,960) at Redrow’s popular Loves Farm development.
With some mortgages products, a deposit of 4% of the property price could be all you’ll need and the loan can be paid back when you have more funds available or come to sell.
“It’s perfect for those on lower incomes now who expect their salaries to rise over time,” Mary said.
Nearby, St Neots town centre offers many shops, restaurants and entertainment venues, as well as the main attractions of the Great River Ouse and Riverside Park. The location is ideal for commuters as they’re close to the local train station with direct trains to London and good road links to the A1, M1 and M11, with Bedford and Cambridge only about 25 minutes’ drive away.
Availability of FirstBuy is limited so, to find out more, visit the Loves Farm sales office, off Cambridge Road, St Neots, open daily from 10am to 5.30pm. Alternatively, visit redrow.co.uk.
* Mortgages subject to terms, conditions and entry qualifications. Average rents from home.co.uk.
