England – 05/09/2011 – UK construction company opens doors to brand new homes with just a 4% deposit
Leading UK house builder, Redrow Homes, is breaking down the barriers to home ownership wuth their new ‘FirstBuy’ scheme which offers first time buyers then chance to buy their own home with just a 4% deposit. This lower deposit and the low monthly mortgage payments means doors to brand new homes are opening for people who were prevopisly priced out of the property market.
First time buyer with a household income of under £60,000 can take their first steps on the property ladder with this scheme, which maximizes the potential of the governemnets first time buyer scheme by offering up a 20% equity loan, meaning buyers only need a 4% deposit and a 76% mortgage, whilst still owning 100% of the property. Full details can be seen at www.redrow.co.uk.
Risk free, interest free
The 20% equity loan is offered, interest free for a period of 5 years. As an example, a three bedroom family home costing around £200,000 would require the buyers to secure an £8,000 deposit and a mortgage for £152,000. The rest of the purchase price is covered by the interest free loan. This portion of the finance is risk free to the buyer, as when the house is sold the buyer only has to pay back 20% of the sale price regardless of any depreciation.
A spokesperson for Redrow Homes said, “We are delighted to be able to help the housing market with this new initative. First time buyers can do no better than buying one of the brand new homes Redrow have on offer. With our exceptional standards for energy efficiency, high quality builds and desirable locations, the new FirstBuy scheme is probably the best way to get onto the property ladder.”
Redrow Homes build brand new homes all across the UK and have exceptional standards for energy efficiency, security and customer service. Buyers are protected by the NHBC 10 year warranty and are able to specify a number of finishes and choices within the property prior to build completion.
St Davids Park,