Crest Nicholson help buyers find perfect home in Churchdown with HomeBuy Direct Scheme

Matt and Kate King with their son Landon KingCrest Nicholson has been helping buyers find their perfect home and get a step up the property ladder with its HomeBuy Direct Scheme which launched in 2009 in conjunction with the Government. A range of affordably priced, highly-specified homes are currently available on the scheme at Crest Nicholson’s Churchdown development.

With HomeBuy Direct homebuyers can own 100% of a new Crest Nicholson home for just 70% of the purchase price. Home owners contribute a minimum of 70% of the full purchase price in the form of a deposit and mortgage, with Crest Nicholson and the Homes and Communities Agency providing equal equity loans for the remaining amount, which are interest free for the first five years. After that homebuyers will pay 1.75% interest, rising annually by the Retail Price Index (RPI), plus 1%.

The equity loan is repaid when you sell your home, where homebuyers must repay the same percentage of the proceeds of the sale as the initial equity loan; alternatively purchasers can increase their equity share in their property after 12 months.

One couple who have benefitted from this scheme and found their perfect home with Crest Nicholson are Mr and Mrs King who recently purchased and moved into a property on the Churchdown development.

Mr King explained: “The HomeBuy Direct Scheme has been great for us as it has enabled us to purchase a larger house in a more desirable area than we otherwise would have been able to afford.”

Mr and Mrs King were relocating with their two young sons from Southampton to be closer to family in the Gloucestershire area.

“We started off by looking at three bedroom homes in the Churchdown area, however when we found the Crest Nicholson development the staff showed us round the four bedroom Melbourne house type, which we would be able to afford on the HomeBuy Direct Scheme.

“Crest Nicholson’s Churchdown development really appealed to us as it had a nice community feel, as well as being very close to all the amenities of Churchdown including schools, shops and recreation facilities, to meet the needs of our growing family.

“We chose the four bedroom Melbourne house type due to generous living space, which includes a lounge with doors out into the garden, as well as a large kitchen/ dinning room. In particular we were drawn to the large bedroom sizes which you often don’t get in new build houses and works really well for our family.

“We have found the Crest Nicholson staff to be extremely friendly and helpful throughout the buying process and are now very much enjoying living in our new home.”

Crest Nicholson at Churchdown is a stylish collection of 47 homes, consisting of two bedroom coach houses and three, four and five bedroom homes. Living in Churchdown offers homeowners a peaceful and relaxed way of life, a host of local amenities, in addition to good schools and great transport links to the motor way and the bustling cities of Cheltenham and Gloucester.

Prices at Churchdown start from £219,950 for a four bedroom home. For more information about the development and HomeBuy Direct please visit the Sales and Marketing Suite which is open from 10:00am to 5:00pm Thursday to Monday or call 0870 753 1853.

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2 Responses to “Crest Nicholson help buyers find perfect home in Churchdown with HomeBuy Direct Scheme”

  1. Thought it might be helpful to elaborate who may qualify for Home Buy Direct Scheme. The scheme is generally available to any first time buyer earning less than £60,000 who is unable to afford to buy a suitable property on the open market without assistance in the area where they live or work.

    I would have thought that Crest will put a buyer in touch with first point of contact appropriate regional HomeBuy Agent.

    The scheme will provide loans of up to 30% of the purchase price of the chosen property. The loans will be co-funded by Government and the developer who is supplying the property. The remaining equity in the property must be funded by the first time buyer via mortgage and deposit in the usual way.

    The first five years the loan is fee free, but then a monthly charge for the loan will apply. Buyers will be able to pay off the loan in instalments, and increase their ownership to 100% over time ( known as staircasing ) .

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