Following the news that during the past six years the number of homeowners under 35 have plummeted from 51% to just over 33%*, many potential buyers are taking owning their own property off their agenda for many years. At Rowan Park in Mitcham, however, Crest Nicholson is giving first time buyers a helping hand onto the property ladder with a range of purchasing schemes.
Potential homeowners can take advantage of a range of packages and mortgage products to help them own their first home, including OwnHome, NewBuy, stamp duty paid and even £500 towards their mortgage every month for a year.
Christine Tiernan, Sales & Marketing Director for Crest Nicholson South, said: “Since the economic downturn and the significant amount of deposit many mortgage lenders now require, owning their own home can often seem like an unachievable goal for many would-be first time buyers. Crest Nicholson has always offered a range of incentives and purchasing schemes to help buyers get onto or climb the property ladder. These schemes are extremely popular at Rowan Park as the variety of homes meet different needs, from the apartments offering ideal starter homes for young professionals to the three and four-bedroom houses that suit growing families.
“The average age of first time buyers has increased to 38**, by which stage many buyers have children and are keen to put down roots and have the security that owning their own home brings. With schemes such as OwnHome and NewBuy, buyers are able to make their first home a house at Rowan Park. Some of our schemes are only available on a number of homes so buyers will need to act quickly before homes sell out.”
With OwnHome, purchasers own 100% of their home for just 85% of the price, made up of a minimum 5% deposit and mortgage. The outstanding balance is funded through a 15% loan secured on the property. The outstanding balance is repayable either when the home is sold or after 25 years, whichever is sooner***.
NewBuy is operated by the home building industry and mortgage lenders working in partnership with the Government. 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.
To help buyers take their first steps onto the property ladder, Crest Nicholson is offering to pay the property’s stamp duty, thereby freeing up some extra cash to help with the move. Alternatively, buyers may wish to receive £500 every month for a year to help towards the mortgage, giving homeowners more financial flexibility.
Two, three and four-bedroom showhouses have recently opened on site, designed to help potential purchasers visualise their lives at Rowan Park while the current phase of homes are selling off plan.
At Rowan Park, innovative new homes and apartments sit side by side with the listed former Rowan Park school building, which has been sympathetically renovated as apartments. All homes at the development meet level four requirements in the Government’s Code for Sustainable Homes****, the national standard for sustainable design and construction of new homes.
The development is set amongst landscaped parkland and each of the houses has its own private garden. There are homes to suit all households and budgets, from apartments in the refurbished school building, to the bold and striking looks of the contemporary homes. Rowan Park is designed to become a flourishing community, with a doctor’s surgery due to be situated at the entrance to the development, as well as a scout hut and a community hall to encourage relationships between neighbours.
Mitcham is located about nine miles from central London and has much to offer in the form of shopping and leisure, making it a great choice for both families and commuters. A small shopping centre is located conveniently nearby on the nearby Rowan Road and Manor Road, nearby Wimbledon has excellent shopping and numerous restaurants on The Broadway, with luxury brands and chic eateries in Wimbledon village. The Canons Leisure Centre in Mitcham has a swimming pool and facilities for all kinds of sport and fitness. Mitcham has long been popular with parents for its wide choice of state primary and secondary schools, several within easy reach of Rowan Park.
Rowan Park offers great links to central London and is within easy reach of much of the South West. Mitcham Eastfields station is within walking distance from the development with direct services to Victoria and Blackfriars. There are also bus services to the nearby Norbury station, with trains to Victoria and London Bridge in under half an hour. Mitcham Junction station also offers handy connections to the Thameslink network including Wimbledon, Blackfriars and Kings Cross. By car, the A23, about a mile from Rowan Park, is a major route into and out of London, joining with the M25 and the M23 at junction 7, meaning both Heathrow and Gatwick Airports are within easy reach.
For more information, please contact Crest Nicholson’s on site Sales Advisors on 0870 750 8403 or email@example.com, or visit www.crestnicholson.com/rowanpark.
*http://www.guardian.co.uk/money/2012/jan/23/young-people-stuck-rented-accommodation **http://www.telegraph.co.uk/finance/personalfinance/8524492/Age-of-first-time-buyers-to-reach-38.html ***Purchasers pay 0% per annum (fixed) on the outstanding balance for the first 5 years and only 1.75% interest per annum (typical 1.75% APR) thereafter for the remaining 20 years. Purchasers are subject to criteria assessment. ****http://www.communities.gov.uk/planningandbuilding/sustainability/codesustainablehomes/