Tenants craving the freedom of owning a home of their own could find that raising a deposit and securing an apartment in Bilston is easier to achieve than they anticipated.
Help to Buy equity loans have proved invaluable to many of those who’ve purchased a home at Redrow’s popular Chestnut Walk development in the town.
With apartments now available under the scheme, the award-winning homebuilder is encouraging people to reassess their finances and, instead of considering whether they can afford to buy, to ask themselves if they can afford not to.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains:
“Help to Buy has been a real boost to the Bilston housing market, giving people who would otherwise have been priced out of homeownership the chance to secure a home of their own. Anecdotal evidence from customers suggests that in many cases the mortgage repayments actually work out cheaper than the rent for a similar-sized property.”
“We understand that it can be tricky to save for a deposit while paying rent, but would-be homeowners could be pleasantly surprised to learn that savings of less than £5,000 could secure a one-bedroom apartment at Chestnut Walk.”
Properties are available from £92,995 or an initial outlay of only £74,396 with Help to Buy. The lower price includes a 5 percent deposit, plus a 75 percent mortgage from the customer’s preferred lender. The remaining 20 percent is covered by the equity loan, which is interest free for five years.
“Chestnut Walk is proof that buying an apartment doesn’t have to mean living in an anonymous tower block in Birmingham with city premiums. From the outside the buildings that house the apartments look like traditional two-storey homes, with each property enjoying the privacy of its own independent entrance,”
“Inside, they’re surprisingly spacious with open plan kitchen, dining and living areas that make the most of every square foot.”
Located within a 30-minute commute to Birmingham via train, the new homes at Chestnut Walk are close to the Wolverhampton/Birmingham Canal and within easy reach of Bilston town centre.