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Redrow is helping first time buyers get their foot on the property ladder with their easi:buy shared equity scheme at Rossendale Gardens, ten miles south west of Leicester in the ancient town of Earl Shilton. With easi:buy, a first time buyer can put down just five per cent of the purchase price of their new home and find a mortgage for 80% of the value of the property. Redrow makes up the rest in the form of an interest free-loan for up to ten years.
Saving a large enough deposit is a major headache for many first time buyers. "The average age of first time buyers purchasing without financial assistance from their parents is now 37," says Pauline Turnbull, sales director for Redrow Homes (Midlands),"and only recently the Home Builders Federation (HBF) said the average first time buyer would need to save every penny of their earnings for more than two years to get on the property ladder. All this makes depressing reading, but our easi:buy scheme could help them buy a home of their own sooner than they thought - and without the need for a hefty deposit."
The two- and three-bedroom homes at Rossendale Gardens are from Redrow's acclaimed New Heritage Collection of Arts and Crafts-inspired properties which combine traditional architecture with the latest interior fixtures and fittings. With a two-bedroom house costing £117,995, deducting the five per cent deposit and Redrow's share leaves the buyer to find a mortgage for £94,396.
"It could be the difference between a lifetime of renting or living with parents and owning a home of your own," continues Pauline, but suggests buyers interested in taking up the offer should not delay in doing something about it. "The valuable help is available on selected plots for a limited period only and I would urge anyone who wants to take advantage of this incentive to act fast to avoid disappointment."
Superb road connections make Rossendale Gardens an ideal location for anyone working in Leicester, Nuneaton, Hinckley or Coventry, and the proximity of several motorways within a short drive makes travelling across the UK very simple. Family buyers will appreciate a choice of schools nearby, good amenities locally and of course the Leicestershire countryside, which is not far from the doorstep at this development.
The 'Evesham' two-bedroom house is just one of the property types available at Rossendale Gardens