For property seekers in Southampton who are struggling to save enough to put down a deposit could still make their dreams of homeownership come true at Crest Nicholson's city centre Empress Heights thanks to two government-backed schemes, FirstBuy and NewBuy.
Both schemes are a boon to first-time buyers because they only require a deposit of as little as 5%. NewBuy is also open to homeowners who want to move to a new-build home but who have little equity in their existing property. Empress Heights offers a range of one- and two-bedroom apartments and duplexes in College Street, in the heart of Southampton. With either of the schemes, one of these new homes in Hampshire could be purchased with a deposit of as little as £6,398 - much less than many mortgage lenders might ask for usually.
Christine Tiernan, Sales and Marketing Director for Crest Nicholson South, says: "Empress Heights is a highly popular development already with buyers at all stages of their homeowning career, but many purchasers have been unable to afford the deposit required by mortgage lenders. Not only will FirstBuy enable first-time purchasers to buy their own home, but the NewBuy scheme will provide existing homeowners with a more realistic and affordable deposit to climb the property ladder. Our sales teams are experienced in helping all purchasers to the market, so I would advise anybody interested to come down and meet with them to discuss the opportunities available."
With FirstBuy, the purchaser only has to pay 80% of the price upfront, with a 5% deposit and 75% mortgage, the balance provided in the form of an equity loan jointly by Crest Nicholson and the Homes and Communities Agency. This loan is interest free for five years and only needs to be paid back at the end of the mortgage period, or when the property is sold, whichever is sooner. The upfront price of a one-bedroom apartment with FirstBuy is as low as £102,360.
NewBuy provides a range of mortgages that only need a 5% deposit and is available on new-build properties valued at up to £500,000. This is great for those who can comfortably pay the monthly mortgage on a home but are struggling to put aside savings for the large deposits that mortgage lenders often ask for.
The sales and marketing suite at Empress Heights is open seven days a week from 10.00am to 5.00pm except Thursdays, when hours are extended to 7.00pm.