Despite recent reports that the number of deals available for borrowers with a 5% deposit for their property purchase has nearly halved*, purchasers at Crest Nicholson’s Liberty Park development in Wainscott are finding they only need a 5% deposit to get on the ladder by taking advantage of the NewBuy incentive. With prices starting from £155,000, this means that potential property owners can secure one of the two or three bedroom homes on offer with a deposit of just £7,750.
Annette Cole, Sales and Marketing Director for Crest Nicholson Eastern, said: “It is concerning to think that three quarters of potential first time buyers are worried they won’t be able to afford a home in the next five years, whilst being forced to rent for longer and struggle to save up a deposit. Crest Nicholson is very aware that first time buyers are finding it difficult to get onto the property ladder and we are pleased to be able to continue to offer a range of schemes designed to help struggling buyers.”
Jackie Fullarton, Partner at Independent Financial Advisors, Sacre Associates LLP, said: “NewBuy is operated by the home building industry and mortgage lenders working in partnership with the Government. Purchasers need only provide a 5% deposit with the lenders participating in the scheme providing a 95% loan to value mortgage for buyers meeting their qualifying criteria. This scheme will enable many buyers to purchase their first or next home who would otherwise have been unable to do so.
“The great thing about the NewBuy scheme is that it is available not only to first-time buyers but also to current homeowners wishing to move but who have little equity in their current property. NewBuy is an ideal way in which existing homeowners can move up the property ladder.”
The NewBuy mortgage product is available on the two-bedroom ‘Farleigh’ coach houses and on the three-bedroom ‘Kenley’, ‘Sandown’ and ‘Sussex’ homes at Liberty Park. Externally, the properties blend traditional design elements, such as weatherboarding and hanging tiles, with features including dormer windows and varied roof elevations to create a development that suits the Kent vernacular. Homes are situated on pretty tree-lined boulevards, surrounded by landscaped open space.
Liberty Park is located on Hoo Road in Wainscott. The development is well located and offers very good commutability to London and the wider Kent area. Nearby Strood Mainline Station provides a fast train on the High Speed 1 line to St Pancras in just 32 minutes. The station also offers efficient services to London Bridge, London Waterloo East and London Charing Cross in just over an hour and good access to the M2 motorway and A2, which are just minutes away. For further information please contact Crest Nicholson on 0870 752 4382 or visit www.crestnicholson.com/LibertyPark.