Househunters are facing their last chance to take advantage of the government-led FirstBuy scheme on offer at Park Central in Birmingham, which aims to help first time buyers get onto the property ladder, by reducing the deposit needed to just five per cent.
Just four apartments remain for sale at Crest Nicholson’s £8 million Lower Parkside phase at Park Central – all of which are available under FirstBuy. To qualify for the scheme however, all legal completions must be made by 31st March 2013.
Launched in March 2011, the equity loan scheme aims to help first time buyers get onto the property ladder and hopes to enable 2,500 people in the Midlands purchase their first home.
The popular scheme allows purchasers to own 100 per cent of their home for just 80 per cent of the price, which is made up of a 75 per cent mortgage loan, plus a five per cent deposit. Crest Nicholson, together with the Homes and Communities Agency, offers an equity loan of up to 20 per cent of the full purchase price, which is interest free for the first five years.*
Under FirstBuy, a stylish two bedroom apartment at Lower Parkside can be purchased for just £114,800 – 20 per cent lower than the £143,500 list price – plus a five per cent deposit of £7,175 to be paid up front.
Ruth Williams, sales manager at Park Central said: “The majority of enquiries at Park Central come from young professionals working in the city centre and surrounding areas who are looking to purchase their first home. The FirstBuy scheme offers a practical solution for young people who need that extra bit of help to enable them to buy and what’s more, as the loan is interest-free for the first five years, it could well save buyers a significant sum of money.
“The FirstBuy allocation at Lower Parkside runs out in March 2013 and with legal completions taking up to 6 weeks to process, househunters are strongly advised to make a reservation by the beginning of February in order to guarantee that the sale is processed before the deadline. It would be a truly wasted opportunity for the allocation to go unused, as the scheme really can make all the difference.”
Located off Lee Bank Middleway, Park Central is just a stone’s throw away from Birmingham’s main attractions, including The Mailbox and Brindleyplace – not to mention an easy commute to work for anyone working in the city, with Colmore Row just a fifteen minute walk away and the Queen Elizabeth Hospital five minutes away by rail.
Designed to the highest quality, the apartments at Park Central boast designer Symphony kitchens, double bedrooms and two bathrooms, along with oversized covered balconies overlooking eight acres of landscaped public parkland. Each apartment also benefits from allocated parking.
For more information on Park Central and to arrange a viewing please call the sales team on 0121 666 4666. Alternatively visit the marketing suite, which is open daily from 10am to 5pm and is located at Park Central, Spring Street, Birmingham B15 2GD.
* In year six an interest charge of 1.75 per cent is payable. The interest charge will then increase annually by RPI plus one per cent from year seven.