SAVERS could cut the time it takes to become homebuyers with the aid of Deposit Unlock, a new 5% only deposit scheme, available on new homes at St Mary’s Garden Village in Ross on Wye.
Research from Rightmove suggests the average first home now costs almost £225,000, with buyers typically having to raise at least a 10% deposit.
But Edenstone, the company behind the Bluebell Homes and Edenstone Homes phases of St Mary’s Garden Village, is offering both first time buyers and those looking to move a lifeline in the shape of Deposit Unlock.
Sales director Adele McCoy explained: “We understand that for many people raising a deposit is the biggest barrier to buying a brand new home – it can be difficult to save when you’re paying rent or have an existing mortgage to cover. Reducing the size of deposit required to just 5% can make a massive difference, which is why we’ve signed up to Deposit Unlock. It ensures that competitive mortgages are available for those with low deposits. Crucially, unlike some other schemes, it can be used by first time buyers and those making their next move on the housing ladder.”
Developed by the Home Builders Federation with reinsurance firm Gallagher Re, Deposit Unlock is available exclusively to those buying new build homes priced up to £750,000.
Under the scheme, the homebuilder pays a percentage of the price of the property into an insurance policy, reducing the risk for the mortgage lender, while giving the buyer access to more favourable rates.
Current availability at St Mary’s Garden Village includes everything from two-bedroom starter homes to generously proportioned four-bedroom detached properties designed for family living.
Prices start from £242,500, with all of the homes within the price cap for Deposit Unlock.
“For those concerned about the rising cost of living and their impact on the environment, a new build home is an ideal choice. A range of built-in energy efficiency features mean they’re generally much cheaper to run than their older equivalents and kinder to the planet too,” Adele added.
St Mary’s Garden Village will eventually feature 348 homes and community facilities. Facilities already in place include a play area, allotments and a formal garden, with plans for walking and fitness trails with equipment; a gym within a community hub; a kick about area and cycle hire facilities.
For the latest availability and pricing see https://edenstonehomes.com/st-marys-garden-village/ or https://www.bluebellhomes.co.uk/stmarys.