Your first home is more affordable than you think: own 100% and pay just 75%

A housing venture designed to help first time buyers step onto the property ladder has been heralded a success with 75% of homes sold.

Rachael Davies, area sales manager for Redrow Homes (South Wales), said: “Buyers in North Cornelly have been eager to snap up our new homes at Debut @ Dôl Gorwel, where we have now sold three quarters of the homes.”

A selection of one and two-bedroom homes are currently available, priced from as little as £58,000 to £92,000.
With easy to manage, energy efficient new homes, Debut is the ideal solution for those starting out in life. Home owners don't even need to worry about budgeting for utility bills as gas, electricity and water charges, even the window cleaning, are included in a single monthly service charge. 
“According to the Royal Institution of Chartered Surveyors*, officials in Wales saw activity in the lower to mid-range price brackets improve in the latter part of 2009 and this has certainly borne true for our homes at Debut @ Dôl Gorwel,” Rachael commented.

“In the current economic climate buyers have welcomed the monthly service charge as there are no hidden extras or surprise bills to worry about.”

And if that wasn't enough Redrow is helping to make buying a home more affordable with its ‘easi:buy' scheme, which allows purchasers to defer paying up to 25% of the purchase price for 10 years.

“The deferred payment is designed to help first time buyers, who would otherwise be priced out of the property market, to invest in their future and a home of their own rather than spending ‘dead' money on rent,” Rachael said.

“It also eases some of the stress of having to save for a large deposit as with easi:buy purchasers only have to apply for a mortgage which represents 75% of the full value of the property - hopefully giving them access to some of the better interest rates around,” she explained.

The easi:buy payment is subject to terms and conditions and the deferred element is paid back at market value at the time of payment, which could go down as well as up.

Close to Bridgend and Porthcawl, Debut @ Dôl Gorwel is set in an excellent location on the doorstep of Kenfig nature reserve and some of South Wales' lovely beaches. Midway between Cardiff and Swansea, it boasts easy access to the M4.

For more information about easi:buy and the homes available at Debut @ Dôl Gorwel visit the sales and marketing suite in North Cornelly, open daily from 10am to 5.30pm, call 01656 746 249 or log onto www.redrow.co.uk/developments/debut-@-dol-gorwel.

For general information about Redrow visit www.redrow.co.uk
 
*www.rics.org