Working families struggling to either step on or up the property ladder in Cheshire West are being offered a unique chance to buy through the government’s new Help to Buy - Equity Loan scheme.
The scheme enables people to borrow 20% of the asking price from the government’s Homes and Communities Agency (HCA), and pay just a 5% deposit.
Help to Buy – Equity Loan has just been introduced at Catherine’s Park in Frodsham. It now means that a brand new 3 bedroom contemporary home at the development can be purchased from as little as £116,000. At a rate of just 5%, a deposit will cost around £7,750. This is based on an outright sale price of £155,000.
Unlike other government-backed schemes, there is no income threshold applicable and it is not exclusively available to first time buyers. The homes are being sold through Manchester-based Plumlife, the affordable home specialists.
Situated in a quiet residential area within walking distance of Frodsham’s bustling town centre, Catherine’s Park is a delightful development of just 26 two, three and four bedroom homes built by leading UK builder, Seddons. Only a handful of 3 bedroom homes now remain.
Each features light and spacious rooms, fab contemporary fitted kitchens with stainless steel oven and hob extractor, crisp modern bathrooms, rear gardens (front gardens also on selected plots), and off-road, allocated parking.
Homes at Catherine’s Park also benefit from superb eco-features, including solar roof panels, top-notch insulation and energy efficient boilers, as well as high-spec double-glazing, making them very inexpensive to heat and maintain.
To help people find that all important mortgage, Plumlife also offers eligible buyers access to free, impartial mortgage advice from a panel of financial advisers.
The Catherine’s Park show home is open every Saturday from 11am until 4pm.
Further details are available from the Plumlife Sales team on 0161 447 5050
What is the Help to Buy equity loan scheme?
• Help to Buy Equity Loan is an equity loan scheme that makes new build homes available to purchasers struggling to buy. The Help to Buy equity loan is funded by the Government through the HCA.
• Available in England from registered house builders and will run until 31 March 2016, or earlier if the funding is taken up.
• Offers a maximum 20% equity loan (minimum 10%) on new build properties up to a maximum purchase price of £600,000. The equity loan will be made by the HCA to the purchaser; there is no house builder contribution.
• Enables buyers to pay just a 5% deposit.
• Interest-free for five years, after which a low interest rate of just 1.75%
• The loan can be repaid anytime before the sale of the property, or immediately after it’s been sold