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Aspiring first-time buyers regain footing on the house ladder

Jenna and James Scudder, Liberty ParkWith first-time buyers needing to find a deposit in excess of £50,000 according to latest research from the Mortgage Advice Bureau, aspiring homebuyers struggling to get on the house ladder have to look for alternatives. Jenna and James Scudder are one couple who had been looking to move out of their rented flat for a while, but thought it would never be possible, until they heard about the fantastic HomeBuy Direct scheme that Crest Nicholson were offering.

Hairdresser, Jenna and her husband James, who is a heating engineer, were both born and bred in Gravesend and were keen to stay in the area when it came to buying their first property. On a visit to Crest Nicholson’s unique Liberty Park development in nearby Wainscott, Jenna and James found their confidence in the market strengthened, when they realised they could afford to buy a stylish two-bedroom coach house.

Explaining their decision, Jenna comments: “We had wanted to be able to buy our own property for a while, but we weren’t sure if we could afford it. We couldn’t believe it when we discovered that with the HomeBuy Direct scheme we could afford a brand new two-bedroom, two-bathroom coach house with such good commuter links and close enough to Gravesend, that we could come back and visit family and friends.”

HomeBuy Direct is a brand 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 Liberty Park for just 70% of the property’s asking price upfront, making an attractive three bedroom house at the development priced at £209,500, an affordable £146,500 with HomeBuy Direct. It was this exceptional HomeBuy Direct incentive that gave 22 year old Jenna and 26 year old James the financial flexibility they needed.

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 remaining equity loan does not need to be paid back for the lifespan of the mortgage or until the property is sold; whichever comes sooner.

Jenna comments: “Experts say that you need to have saved around £50,000 to get on the property ladder nowadays; I can’t imagine who would have that kind of money at our age, unless your parents were able to help you out financially. For James and myself that option didn’t exist, but we desperately wanted to have the privacy that a home of your own gives you. HomeBuy Direct really did offer us the perfect solution and the process was far less complicated than I expected. I would advise any other first-time buyers who are keen to take advantage of the current market to look into the HomeBuy Direct scheme. It gives you that confidence you need and is probably the best way of getting onto the property ladder at the moment.”

Liberty Park is a brand new unique collection of two, three and four bedroom homes situated in the village of Wainscott, near the historic town of Rochester in Kent. With a range of properties on offer, there is a home to suit all buyers. The architecture at Liberty Park is a blend of traditional style with striking detail that echoes the surrounding Kentish vernacular. Characteristic bay and dormer windows complement stock brickwork, pale render and distinctively regional weatherboarding.

Jenna continues: “Buying a new house at Liberty Park has also saved us a lot of money on carrying out surveys. We knew that there were no nasty surprises or extra costs waiting for us when we moved in, which was a big weight off our minds. I think this is a great opportunity for other first-time-buyers who are in a similar position to us and want a hassle-free move.”

Annette Cole, Sales and Marketing Director at Crest Nicholson (Eastern), comments: “Whilst there is a degree of uncertainty in the property market at present, our experience at Liberty Park indicates that demand for good quality housing in the right location will still result in sales and happy customers. We appreciate that for first-time-buyers this is a particularly difficult time to get on the housing ladder, which is why we are targeting positive incentives at the moment, such as HomeBuy Direct.”

Wainscott is well located and offers very good commutability to London and the wider Kent area. The development is just a short distance from the surrounding Medway towns of Strood (1.6 miles), Rochester (2.2 miles), Chatham (3.5 miles) and Gillingham (3.4 miles) which have a wide mix of facilities including shopping, leisure, cafes, restaurants and nightlife. In addition, the development has good access to the M2 motorway and A2, which are just minutes away. Nearby Strood Mainline Station also provides efficient services to London Bridge, London Waterloo East and London Charing Cross in just over an hour.

For further information please contact Crest Nicholson on 0870 752 4382 or visit www.crestnicholson.com/LibertyPark

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2 Responses to “Aspiring first-time buyers regain footing on the house ladder”

  1. Stan says:

    Wow, finally some help for those of us who dont have rich parents to help us out

  2. OPPE News says:

    I know – This appears to be a well kept secret. I think you pay no interest on the load for the first five years, and after that the rate is heavily subsidised.

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