Canny buyers go to the top of the class at Scholars Grange
Why rent when it can be cheaper to buy your own home? First-time buyers at Scholars Grange, Bloor Homes’ new community of three- and four-bedroom family houses just outside Northampton, are finding that with Bloor’s HomeStart scheme they can secure their dream property for just 90% of its market value. That makes home ownership a genuinely viable alternative to renting for many of today’s hard-pressed house-hunters.
Under the HomeStart scheme, buyers finance an agreed percentage of the purchase price and pay the balance (based on the current value of the property) when they sell, or after 10 years, whichever is earlier. Alternatively, they may choose to pay the outstanding percentage at any time within the next 10 years.
For example, someone who buys 90% of a property now owes 10% of the purchase price. If they sell before the balance is paid, they will pay 10% of the sale price (whether higher or lower than what they paid) back to Bloor Homes. The attraction of this scheme is that it allows buyers to find a smaller deposit while owning 100% of their property – it is not a shared ownership scheme.
HomeStart is available on specific properties on selected developments – at Scholars Grange, it is the popular Thursley style that is eligible. The Thursley is a semi-detached three-bedroom house that provides the perfect starter home for a couple or young family. Its accommodation includes a living/dining room, separate kitchen and cloakroom downstairs; and a double bedroom with en-suite shower room, two further bedrooms and a family bathroom upstairs.
With prices for the Thursley starting at £177,950, HomeStart purchasers need pay just £160,155 for a quality property, significantly reducing the size of the deposit required by their mortgage lender.
Vanessa Macnee, Sales Director of Bloor Homes comments: “Scholars Grange has proved a real hit with buyers, so anything that eases access to such a desirable location for first-time buyers must be welcome. We are always pleased to offer ways of helping families to get onto the property ladder, and the HomeStart scheme has been warmly welcomed.”
Scholars Grange is a vibrant new community at Duston, just outside Northampton and now incorporated into the town’s boundaries. In addition to its attractive range of family homes, it includes an exciting mixture of retail and recreational facilities, including a nine-screen cinema at the Sixfields leisure complex, which is also the home of Northampton Town FC.
Northampton railway station is under three miles away, and the development is on an efficient bus route into the heart of the gracious market town of Northampton. With the A428 providing fast access north to Rugby and south to Northampton, and junction 15a of the M1 just down the road, Scholars Grange is perfectly placed whatever your travel requirements.
Northampton is surrounded by some of England’s prettiest and least discovered countryside, providing the perfect mix of cosmopolitan fizz and rural tranquillity. With a great range of schools on the doorstep, Scholars Grange is ideal for the first-time family buyer.
The Thursley showhome at Scholars Grange is available for viewing now. For more information, visit bloorhomes.com.
