Freedom craving 20 and 30-somethings in Leicester could find they’re able to fly the nest to a home of their own sooner rather than later thanks to Help to Buy.
The average age of a first time buyer has increased to 30.4 years old, according to research by the Halifax. But with Help to Buy equity loans available on all new Redrow homes at Hamilton Gardens and Hamilton Park in the popular Hamilton area of the city, aspiring homeowners could find they’re able to step onto the property ladder much more quickly than they anticipated.
Tonia Tyler, sales director for Redrow Homes (South Midlands), explains:
“Living with your parents while you save the deposit for a place of your own makes sense as, without having to pay private rent, you’ll be able to put more money aside each month.”
“But while the Halifax Generation Rent Report suggests that would-be homeowners expect to save for a deposit for 5.5 years, no matter how good your relationship is with your parents, there’s nothing quite like having your own space.”
“The beauty about Help to Buy is that it could enable first time buyers to fly the nest sooner rather than later. And in doing so they’ll be able to enjoy the freedom of making their own design choices, using the My Redrow feature of our website to customise their home. Then once they’ve moved in they’ll be able to entertain family and friends, perhaps by rustling up a meal in their all-new fully fitted kitchen.”
Between them, Hamilton Gardens and Hamilton Park offer a good choice of two, three and four-bedroom designs from Redrow’s sought-after Heritage Collection.
Current prices start from £179,950 for a two-bedroom property.
Customers using Help to Buy should only need a 5 per cent deposit and a 75 per cent mortgage to secure a new home. The remaining 20 per cent is covered by an equity loan, which is interest free for five years.
For example, using the scheme, a three-bedroom Evesham on the market at £194,950 can be purchased with a customer deposit of just £9,748, an equity loan from the Government for £38,990 and a 75 per cent mortgage for £146,212.
The three-bedroom Evesham features a combined living and dining room to the rear, with a kitchen to the front, plus a cloakroom to the ground floor.
Upstairs, the master bedroom benefits from an en-suite, leaving the family bathroom to serve the remaining two bedrooms.
The new homes at Hamilton Park and Hamilton Gardens enjoy a high specification as standard with well equipped kitchens and sleek modern bathrooms.
Hamilton is a popular place in which to live and the properties are ideally placed to enjoy easy access to both the countryside and the amenities of Leicester city centre.
Show homes at Hamilton Park and nearby Hamilton Gardens are open daily from 10am to 5.30pm. For more information about Hamilton Park see www.redrow.co.uk/hamiltonpark. Details of homes at Hamilton Gardens are available via www.redrow.co.uk/hamilton.