Berkeley offers first time buyers more for their money in Kent

First time buyers aspiring to live in a luxury new home now have the opportunity thanks to Berkeley’s range of FirstBuy properties available at Holborough Lakes near Maidstone and Kingsbrook Park in Canterbury, Kent.

The FirstBuy scheme, designed to help first-time buyers purchase a new property, was launched by the Government this year. FirstBuy provides a loan of up to 20% of the purchase price of a new property and the buyer funds the remaining 80% themselves. This means, properties at Berkeley’s stunning Holborough Lakes development can be secured for as little as £107,960 for a one bedroom apartment based on the full market value of £134,950. For those looking for extra space, there are also a range of two, three and four bedroom houses available through FirstBuy at Holborough Lakes. All properties are designed to the same hallmark quality and standard synonymous with a Berkeley home.

Tina Dedman, Berkeley’s Sales & Marketing Director comments: “Today’s first-time buyers need all the help they can get! We believe that by providing the opportunity to buy at two of Berkeley’s most coveted developments we are reinforcing our belief that superb quality and genuinely aspirational living should be available to everyone, no matter which rung of the housing ladder they are on.”

Holborough Lakes is a new community comprising of one and two bedroom apartments and two, three, four and five bedroom houses in an exquisite lakeside setting. Ideal for families, it is setting high standards for new communities in the county: its crèche, village hall, village green and ‘trim trail’ for fitness enthusiasts not to mention a diving and watersports academy and residents-only gym – provide genuine infrastructure as well as a truly aspirational lifestyle, while its natural waterside location is the perfect backdrop to family life.

Meanwhile at Kingsbrook Park in Canterbury, first time buyers can secure a new home situated on the banks of the River Stour in the historic centre of Canterbury. The apartments are located in the contemporary yet sympathetically styled ‘River View’, while the houses are located in ‘Chaucer Mews’, whose charming brick-and weatherboard houses combine timeless character and contemporary living. All are within a stone’s throw of the ancient city centre and an easy walk from the country’s most important – and historic – cathedral. One bedroom apartments start from £139,960 based on the full market value of £174,950.

To be eligible for a FirstBuy loan, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work. An equity loan of up to 20% of the property price will be provided, paid for by a shared-equity loan funded by Berkeley and the Homes and Communities Agency*. The purchaser needs to arrange finance for the remaining 80% of the purchase price, which can be done by arranging a market-rate mortgage and providing a 5% deposit.

*The FirstBuy loan is interest-free for the first five years. In the sixth year it attracts interest of just 1.75%; thereafter the rate will increase each year by the Retail Price Index plus 1% per annum.

For further information on Holborough Lakes, visit holboroughlakes.co.uk. For further information on Kingsbrook, visit kingsbrookpark.co.uk.