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First-time buyers targeted with shared equity offer by Hillreed Homes


Friday 7th October 2011

Respected regional housebuilder Hillreed Homes, which has been constructing new homes in Kent, Surrey, Sussex and Hampshire for over 35 years, is hoping to ease the plight of first-time buyers in the West Malling area with a shared equity offer on in Greenway development at Kings Hill. The deal means that those hoping to get a foot on the property ladder can do so with a deposit of just five per cent, considerably less than most mortgage lenders require.

Dean Markall, Sales and Marketing Director of Hillreed Homes, says: "As a company we are aware of the difficulties being encountered by first-time buyers wanting to invest in a property which is why we have an Equity Share Scheme available on certain properties and sites. This is not shared ownership; buyers own 100% of the property from day one.

"The maximum amount that building societies will lend on new apartments is 80% however they will accept a 15% equity share and a 5% deposit. So, for example, if you have £9,647.50 as a deposit, you can, with equity share of 15%, purchase one of our brand new apartments."

With Hillreed's shared equity scheme, the equity loan is interest-free for up to ten years and can be paid back at any time to the end of that loan period.

The ‘Aylesham' apartment is priced at £192,950, with two bedrooms, a full family bathroom and open-plan kitchen/living room. The ‘Wigmore' is a corner apartment priced at £194,950, again with two bedrooms and bathroom and a larger kitchen/dining/living room. Both apartments make an ideal first purchase and boast a fully fitted kitchen and fitted wardrobes to the master bedroom.

For buyers looking for something larger, there are a number of three- and four-bedroom detached and semi-detached home styles also available at Greenway, priced from £284,950 to £575,000.

Kings Hill has grown up on the site of a former RAF airfield. Hillreed Homes has been building new homes at Kings Hill since the new village was inaugurated in 1989, and has since contributed more developments at the site than any other housebuilder.

The village is now a substantial settlement with a wealth of great amenties. This includes schools, a large supermarket, a range of other shops and services, its own pub, several restaurants, a sports centre, golf club, business park and even a splendid "village green" cricket pitch. The village is well connected with the local area and beyond. There are numerous local bus services and the road network, which includes nearby access to the M20, brings major shopping centres at Maidstone and Tonbridge within easy reach. There are also direct commuter rail services to London from nearby West Malling station.

Greenway at Kings Hill from Hillreed Homes

The 'Aylesham' apartments at Kings Hill in Kent make an ideal first home and with Hillreed Homes' shared equity scheme, first-time buyers are able to purchase one with a deposit of under £10,000

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