Cheaper to buy than rent in Northamptonshire
Those looking for a new home may be surprised to learn that they can now leave renting behind and save money each month by buying a brand new home at one of Orbit Homes developments in Northamptonshire.
According to recent research by property portal Zoopla, in many towns and cities across the UK, buying can actually be a cheaper option than renting. A lack of mortgage availability has meant that many first time buyers have been unable to buy a home of their own and have opted to rent instead, this has put considerable pressure on the private rental market which has caused the costs of renting to spiral.
“People aspire to home ownership as it provides the security that renting does not, it’s also a great investment as those who rent will see no return on their money. With low interest rates and house prices having fallen this is an ideal time to escape the rental trap and buy a home” Said Diane Webster, Sales and Marketing Manager at Orbit Homes
“Despite the costs of homeownership falling, many first time buyers still face barriers to home ownership due to the high level of deposit required and this is where Orbit Homes can help”
“The HomeBuy Shared Ownership scheme allows buyers to purchase a share in a brand new home while paying a subsidised rent on the part they don’t own. The share is tailored to suit individual circumstances meaning that buyers purchase a share they can afford and take out a smaller mortgage (and require a smaller deposit) than they would if they bought a home on the open market”
Homes are currently on offer at Furnace Lane in Kettering and Unity @ Trinity Green and the monthly costs of owning a home under the HomeBuy Shared Ownership scheme at either development works out cheaper than the monthly costs of renting a comparable home in the same area.
Unity @ Trinity Green features a mix of contemporary one and two-bedroom apartments with prices starting at just £20,000 for a 25% share. The costs of owning a home at Unity @ Trinity Green under the HomeBuy Shared Ownership scheme are just £369.99* per month compared to the £465.00? per month it would cost to rent a comparable one-bedroom apartment. Furthermore, just £1,000* mortgage deposit would be required to purchase a 25% share of a one-bedroom apartment.
At Furnace Lane in Kettering, a 40% share of a two-bedroom house begins at £46,000. Only £2,300* mortgage deposit would be required and the monthly costs would be just £479.52* compared with renting a two-bedroom house in the area which would cost £514.00? per month.
Not only are the monthly outgoings with HomeBuy Shared Ownership less than renting but Orbit Homes thoughtful extras include an integrated oven, hob, extractor hood and washer/dryer (available on selected plots only). Furthermore, for any reservations made before the end of October 2011 Orbit Homes is offering £500 towards legal fees to help buyers on their way.
Orbit Homes will be holding an open day on Saturday 22nd October at the Furnace Lane development. For more information and took book your place please visit orbithomes.org.uk.
?Rental figures from Nestoria
* Mortgage figures are based on a 5.99% rate over 25 years Halifax 5% deposit
