FirstBuy proves popular at Park Central, Birmingham
Developer Crest Nicholson has reported a surge in first time buyers interested in the government’s FirstBuy scheme at its Park Central Liberty building.
First time buyers, including Charles Marshall, a web developer from Birmingham, are reaping the rewards of smaller mortgage repayments and deposits under the government’s FirstBuy initiative. Charles, aged 30, who previously lived in the Jewellery Quarter, moved into his new two bedroom apartment in the Liberty phase of Park Central this week and is already enjoying the stylish balcony and green spaces on offer.
Under the government initiative, Charles was able to purchase a £149,950 apartment for just £119,950. The FirstBuy scheme means that purchasers such as Charles, own 100 per cent of their home for just 80 per cent of the price. Developers including Crest Nicholson, together with the Homes and Communities Agency, offer a loan of up to 20 per cent of the full purchase price with the purchaser contributing as little as a five per cent deposit*. The equity loan is interest free for the first five years**.
New homeowner Charles Marshall says: “I was previously living in the Jewellery Quarter and decided that it was the right time for me to try and get on the property ladder. Without the government’s FirstBuy initiative I wouldn’t have been able to afford the deposit so I was incredibly pleased when I heard that properties were available under FirstBuy at Park Central – it really has made all the difference and allowed me to purchase my first home.
“The new two-bedroom apartment that I’ve purchased at Park Central has everything that I was looking for – a modern design, close to the city centre which means I am now just a 20 minute walk from work, and a spacious balcony where I can relax with my friends. Even more importantly, it was within the budget that I had set.”
Located in Birmingham city centre, Park Central is bordered by Bath Row and Lee Bank Middleway, just a few minutes from The Mailbox and Brindleyplace.
“It’s such a great feeling to be on the property ladder and has been a much simpler process than I imagined,” added Charles. “Marcus in the sales team was brilliant, answering all my questions and chasing solicitors, and the FirstBuy scheme was really straightforward, only taking a couple of weeks to have all the paperwork completed.”
Crest Nicholson has also introduced its own first time buyer scheme at Park Central called EasyBuy, where you pay just 85 per cent of the price of your new home, made up of a five per cent deposit and 80 per cent mortgage. The remaining 15 per cent share is covered by an equity loan paid by Crest Nicholson. The loan is paid back within ten years of the original completion date; or if you sell the property, the 15 per cent must be repaid at the property’s current open market value.
The Liberty phase of Park Central offers a stunning range of one and two bedroom apartments, overlooking Sunset Park. The five remaining two bedroom apartments available in Liberty are priced from £145,000 with a show home now available to view Monday to Friday 10am to 5pm. All of the apartments enjoy private balconies, perfect for entertaining and dining alfresco.
Park Central is an award winning Crest Nicholson development which features an extensive choice of stylish new apartments and townhouses, set around eight acres of landscaped public parkland. For more information on Park Central, visit parkcentral.co.uk.
**The amount of deposit required may vary depending on the scheme rules and the lender for mortgage finance.
**Purchasers must meet the criteria set down by this government scheme to be eligible for FirstBuy, details of which are available from the Crest Nicholson sales advisor. The FirstBuy equity loan will need to be repaid when the property is sold or after 25 years i.e. up to 20 per cent of the property’s total sale price (10 per cent government contribution and 10 per cent Crest Nicholson contribution).
