Recent figures have revealed that ever rising rents mean that it is now more than £130 per month cheaper to buy than to rent*. However despite the cheaper monthly costs associated with owning a home rather than renting, it can still be a real struggle for many to save a big enough deposit to actually take the first or the next step on the property ladder.
Buyers at Crest Nicholson’s Base development, in Brentwood, are finding that they can afford to buy rather than rent, as the NewBuy scheme means they only need save a 5% deposit.
Jackie Fullarton, Partner at independent financial advisors Sacre Associates LLP, said: “Since the economic down turn, the biggest challenges facing buyers are the strict lending criteria imposed by lenders and the high levels of deposit required to secure a mortgage. Although lending is starting to increase, the majority of lenders still often require 20%-25% deposit, which can price many potential buyers out of the market.
“The fact that NewBuy enables buyers of all stages of their homeowning career to only put down 5% deposit, opens up the market considerably and will help to keep the Essex property market moving.”
Annette Cole, Sales & Marketing Director, Crest Nicholson Eastern, comments: “We are acutely aware of the barriers many face in saving up a big enough deposit to be able to buy and incentives such as NewBuy are invaluable in helping people purchase. With NewBuy purchasers need only save a 5% deposit and, with prices for one-bedroom apartments at Base starting from £172,500, purchasers can buy with a deposit of just £8,625, making buying a much more affordable option for many. The NewBuy scheme is proving very popular especially as, unlike other schemes, it’s not just available to first-time buyers but to anyone who meets the criteria and needs assistance to buy.” NewBuy is operated by the home building industry and mortgage lenders working in partnership with the Government. Unlike previous schemes, NewBuy is aimed not just at first-time buyers but also at existing homeowners who are unable to find the high levels of deposit required by many mortgage lenders. With the scheme, 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.
Apartments at Base provide an ideal, hassle free home for busy professionals and first-time-buyers; all homes include fully fitted kitchens that feature a comprehensive range of integrated Bosch appliances including a fridge/freezer and washer dryer – easing the burden of starting from scratch and taking the stress out of moving home. Most residents can also enjoy their own private balcony and each apartment benefits from lift access and allocated parking.
Located in the heart of Brentwood, the development is set within an attractive landscaped area just a short walk from the retail and leisure facilities of the town, including a wide range of bars, cafes and restaurants as well as major high street shops.
Base is perfect for anyone looking for a home within a convenient commute into London. The development is situated less than 500 metres from Brentwood Train Station, from where regular services run from Brentwood into London Liverpool Street in just 38 minutes. The development is also just a short walk from the retail and leisure facilities in Brentwood which include a wide range of bars, cafes and restaurants as well as major high street shops.
Prices for current availability at Base start from £172,500 for a one-bedroom apartment and from £217,000 for a two-bedroom apartment. For further information about the information day or investing at Base, please contact the sales and marketing suite to speak to a sales advisors, or alternatively call 0870 751 3594 or visit www.crestnicholson.com.