First time buyers in search of a new home in Maidstone will find their goal much easier to achieve thanks to Redrow's easi:buy shared equity scheme, now available on selected two-bedroom homes at their Sutton Woods development. Under the initiative, the acclaimed housebuilder provides a ten-year, interest-free loan of up to 15% of the purchase price, leaving buyers to find just 85% of the price for 100% ownership of the new property.
The key advantages for buyers include a reduced mortgage liability, and access to more competitive interest rates for the lower loan-to-value loan. It also means finding a lower deposit in many cases. The loan from Redrow can be paid back at any time over the following ten years, or when the property is sold. All in all, several compelling reasons for first time buyers to consider the Redrow scheme if they are looking for a new-build home.
Sutton Woods is around a mile from the heart of Maidstone, Kent's county town and a busy and diverse commercial, leisure and retail centre. Featuring a mix of two-, three- and four-bedroom energy-efficient homes, priced from £167,950, £199,950 and £299,950 respectively, the development is bound to attract a broad range of buyers, though the easi:buy scheme will be of particular interest to those looking for their first home. There's even a show house open on site for potential purchasers to really get a feel for the properties available.
"It's the ideal way for first time buyers and others who may be struggling to find a mortgage to step on to the property ladder as they should only require a 10% deposit and still have access to some of the more favourable interest rates normally reserved for those with large deposits or substantial equity in an existing home," enthuses Redrow Homes (Eastern) Area Sales Manager Beryl Williams.
Maidstone has a great range of shopping and leisure amenities, lying around 80 minutes by rail from Charing Cross and Victoria and conveniently close to the M2 and M20 motorways. Sutton Woods is just a few minutes from Mote Park, a 450-acre municipal park in the east of the town, with a number of golf courses within a 20-minute radius.
Redrow also offers a part-exchange scheme on selected properties for buyers looking to sell their existing home.
These 'Bearsted' two-bedroom homes at Sutton Woods are priced from £167,950, though buyers only need to find 85% of that thanks to Redrow's easi:buy shared equity scheme