FirstBuy on final apartments at Loves Farm
Just seven apartments remain for sale in the first phase of Redrow’s contemporary development at Loves Farm, near St Neots - and they’re available to buy with help from 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 allows buyers to own their entire home from day one.
The stylish apartments, all two-bedroom designs, occupy a great location in the development, within walking distance of the nearby train station.
It means a brand new two-bedroom property can potentially be purchased with only a 4% deposit* and an initial outlay of just £99,160 (full price £123,950). As an added bonus, home owners who buy through FirstBuy could find themselves paying much less for their mortgage every month.
Tonia Tyler, area sales manager for Redrow Homes (South Midlands), explains: “FirstBuy presents a great opportunity for first time buyers to get a foothold on the property ladder. It makes our two-bedroom apartments at Loves Farm even better value for money.
“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 their first home but pay a smaller deposit and have lower monthly mortgage repayments.”
Purchasers could qualify for the FirstBuy scheme if they are a first time buyer, or want to return to home ownership, and their household earnings are less that £60,000 a year.
With some mortgage products, a deposit of 4% of the property price could be all they’ll need and the loan can be paid back when they 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,” Tonia added.
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 in under an hourand 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 redrow.co.uk.
*Initial outlay is the sum of a 4% deposit and a 76% mortgage. The 76% mortgage is currently only available through Halifax. Other mortgages are available from other lenders. All are subject to terms and conditions.
