First-time buyers in Manchester benefit from Redrow shared equity scheme

Thanks to an initiative administered by Manchester City Council, many house hunters who may otherwise have thought a new-build home in Manchester was beyond their means can own one at Redrow's Hanson Gardens scheme in Moston with an up-front payment of just 75% of the full purchase price.

Under Redrow's ‘easi:buy' shared equity scheme, buyers can defer payment of up to 25% of the value of the property for up to ten years. The scheme allows buyers to borrow only 75% of the value, meaning not only reduced monthly mortgage payments but also allowing them to have access to more favourable, lower interest rates.

"Research by the Halifax indicates that the majority of non-homeowners want to buy but think they won't be able to because they haven't got a large deposit," says Lesley Myers, area sales manager for Redrow Homes (Lancashire). "Those who have managed to save around £4,000 may think they can only afford an older, second-hand property that's in need of lots of work. However, they could be pleasantly surprised to discover that our stylish homes at Hanson Gardens are within their reach."

With ‘easi:buy', the two-bedroom ‘Kentmere' house, priced £104,995, becomes available at a reduced outlay £78,746, while the four-bedroom ‘Thirlmere' properties priced at £132,995 can be purchased for just £99,746 up-front.

These, and all the other property types available at Hanson Gardens, are from Redrow's New Heritage Collection of homes, with exteriors inspired by the Arts and Crafts movement and high-specification internal layouts complying with the "Homes For Life" standards, granting flexibility as the homeowners needs change over time.

"Buyers may think that they have to compromise on style to be able to afford a new home, but at Hanson Gardens that's not the case," continues Lesley. "Our skilled team of craftsmen have invested a high degree of workmanship outside and in to ensure that all of the properties are built to the same quality standards."

Moston is currently undergoing a major regeneration programme, which includes the construction of new affordable homes and investment in schools, public amenities and transport infrastructure. A new Metrolink tram service will provide a regular and frequent service to Manchester city centre.

Thanks to the company's easi:buy shared equity scheme, many more house hunters can now afford to benefit from the high-quality interiors at Redrow's Hanson Gardens development in Moston in Manchester