Redrow has taken the initiative to offer cash-strapped homebuyers the chance to purchase one of their new homes in North Wales with only a 5% deposit. With the government's NewBuy initiative underwriting 95% mortgages on many new homes in England, house-hunters in Wales may have felt left out of the loop, but the award-winning housebuilder is now offering a deal to help them out.
The gifted deposit offer on selected properties in Wrexham and Flintshire sees Redrow matching buyers' 5% deposit savings, meaning they only need secure a 90% mortgage in order to buy one of these new homes. Unlike NewBuy, the offer is open only to first-time buyers.
Anita Williams, sales director at Redrow Homes (NW) says: "Purchasers on the Welsh side of the border needn't miss out as they could still potentially buy one of our brand new homes even if they only have a 5% deposit. With our gifted deposit contribution, their dreams of home ownership could become a reality now - and our mortgage specialists will see if they qualify for a 90% mortgage. It's a great incentive for first-time buyers and this help comes when it's potentially a very good time to buy - properties are still competitively priced and mortgage availability is improving."
The new initiative is open to purchasers of selected plots at four of Redrow's new homes developments in North Wales, namely:
The offer covers a range of two-, three- and four-bedroom property types, all from Redrow's acclaimed New Heritage Collection of homes, which put a high-specification interior within a traditionally styled home. There's an emphasis on open-plan living in the layouts and stylish kitchens and bathrooms as standard make these all-important rooms stand out. Prices start at £136,995.