HomeBuy Direct Offers Young Couple Lifeline to Property Market

A new survey for the Mayor of London has shown that three quarters of first time buyers in London could be missing out on buying their first home because of a lack of knowledge about housing incentives.* One couple knew that they wanted to take advantage of the government backed HomeBuy Direct scheme and moved to Crest Nicholson’s GreatWest Gate development, in Osterley, especially to use it.

Colin Simms-Cato (23) and his partner Anna Costarz (23) knew that to get onto the property ladder they would need to use a housebuilders incentive, especially as they wanted to purchase in London to be close to family and friends and to take advantage of the easy commute to work. Having looked at other Crest Nicholson developments with suitable incentives, an Estate Agent friend of the couple suggested they wait and have a look at the GreatWest Gate. They found the development was perfectly situated for all their needs and the HomeBuy Direct scheme on offer meant they could afford to take their first step onto the property ladder.

Colin comments,”When Anna and I looked at GreatWest Gate we really liked the development and the setting. It’s in a perfect location to get into the City, with lots of transport options including the tube and overland services, as well as having enough space for Anna to have her car there, which you don’t find very much in London. Osterley is a really nice part of London as it is quieter than where I lived before, has a great park and is close to my family and friends. We were so pleased that the HomeBuy Direct initiative was on offer at GreatWest Gate as we wouldn’t have been able to buy our first home without it.

HomeBuy Direct is a new initiative designed to be a ’stepping stone’ to home ownership. With the scheme, first time buyers are able to secure a brand new home at GreatWest Gate for just 70% of property’s asking price upfront, making an attractive one bedroom apartment at the development priced at £209,950, an affordable £146,965 with HomeBuy Direct.

Under HomeBuy Direct, purchasers will own 100 per cent of their new home from day one and the remaining 30 per cent of the property’s market value is funded by an interest free* “equity loan”, jointly financed by Crest Nicholson and the Government. The equity loan is not repaid for five years or until the property is sold, which ever is sooner. After 12 months, purchasers even have the opportunity to buy some, if not all of the property’s remaining equity at market value.

Tracey Brady, Sales & Marketing Director, Crest Nicholson (South) Ltd. commented: “In the current market where the lack of mortgage liquidity is having an impact on those looking to buy their first home, HomeBuy Direct is providing a lifeline for many first time buyers, who are a key driver of the housing market. We are pleased to be offering this fantastic scheme at GreatWest Gate which is giving buyers like Colin and Anna an affordable route onto the property ladder.”

GreatWest Gate is an impressive collection of stylish and contemporary one and two bedroom apartments set around an attractive courtyard in beautiful landscaped grounds. With the added security benefit of being a gated development, GreatWest Gate lies on the site of the former Brunel University, Osterley campus.

Internally, all of the apartments are bright and airy, featuring open plan kitchen/living areas that have been designed for modern-day convenience and functionality. All kitchens come complete with stylish units, worktops and brushed steel Bosch appliances, including an electric oven and four burner gas hob, as well as an integrated fridge/freezer and washer/dryer - easing the burden of starting from scratch.

Ideally located off the A4 Great West Road, which offers a direct route into the West End via Hammersmith and Knightsbridge, as well as access to the M4 Junction 2 to Heathrow Airport or the M25, GreatWest Gate sits at the heart of a comprehensive transport network. Osterley Underground, on the Piccadilly Line, is under a mile away and offers a fast route into the West End in just over 30 minutes, whilst London Waterloo is less than an hour away from nearby Isleworth mainline station.

Prices at GreatWest Gate start from £146,695 with HomeBuy Direct for a one bedroom apartment. For further information on GreatWest Gate and HomeBuy Direct, please contact the Sales and Marketing Suite on 0870 758 1010 or visit www.crestnicholson.com/GreatWestGate.

* http://www.london.gov.uk/view_press_release.jsp?releaseid=23198

About HomeBuy Direct
HomeBuy Direct offers purchasers the chance to own 100 per cent of their new home from day one and the remaining 30 per cent of the property’s market value is funded by an “equity loan”, jointly financed by Crest Nicholson and the Government. The equity loan is not repaid for five years or until the property is sold, which ever is sooner. After 12 months, purchasers even have the opportunity to buy some, if not all of the property’s remaining equity at market value. The loans are interest free for the five years. After that, purchasers will pay a fee on the equity loans of 1.75 per cent, rising annually by the Retail Price Index (RPI) plus 1 per cent.

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