The challenges facing first and second time buyers have been well-documented in recent years; high deposit levels and fewer mortgages have proven the biggest hurdles for those trying to break into the property market, whilst a quieter market with few buyers have prevented many existing homeowners from climbing the property ladder. There is, however, a bright light at the end of the tunnel for potential buyers at Crest Nicholson’s Cheltenham Grange development in Gloucestershire.
The award-winning developer is working with several lenders to provide its customers with a 95% mortgage. Together with the fact that mortgage approvals have risen to their highest level in almost a year, with a particular uplift in lending to first-time buyers, things are certainly looking up for potential purchasers in the Cheltenham area.
Tim Ridges, Sales Manager for Crest Nicholson South West, said: “The exceedingly high levels of deposit required over the past few years to purchase a home – typically 20%-25% – have prevented many buyers from stepping onto or up the property ladder. Whilst many people have sufficient income to make the subsequent required monthly mortgage payments on the amount they wish to borrow, they just don't necessarily have the cash available to put down the large deposit demanded by most lenders.
“NewBuy is a simple 95% mortgage product which enables buyers to purchase a new home, as opposed to a second hand property, with just a 5% deposit, thereby bringing homeownership well within reach for many purchasers. 3,000 people have already purchased using this mortgage product, clearly demonstrating its popularity and that many buyers are seizing the opportunity to buy their first or next home.
“It is fantastic that NewBuy is available to all property purchasers and not just first time buyers. Many existing homeowners have been trapped in homes they have outgrown owing to the fact that they may have little equity in their existing home or there have simply been no buyers with the funds available to purchase it.”
Gemma Bailey is a new Crest Nicholson homeowner thanks to NewBuy. “If it wasn’t for NewBuy I wouldn’t have been able to even think about owning my own home for a very long time,” said Gemma. “The level of deposit required by most lenders was unachievable for me. Even by living with my parents and paying reduced rent it would have taken me at least five years to raise the deposit. Thanks to NewBuy though, I was able to buy my first home and take those crucial first steps onto the housing ladder.”
Cheltenham Grange boasts an impressive collection of three and four bedroom homes, set within the aspirational residential enclave of Spring Grove Park on the edge of Cheltenham. The development offers an ideal balance of culture, country living and easy access to commuter networks, with the amenities of Cheltenham and the scenic Cotswold hills both a stone’s throw away.
Prices at Cheltenham Grange currently start at £224,950 for a three bedroom Huntingdon house and £322,950 for a four bedroom Monkfield house. For more information please call into the on-site Sales and Marketing Suite (open daily from 10am-5pm), call 0845 894 3303, email Cheltenhamgrange@crestnicholson.com or visit www.crestnicholson.com/cheltenhamgrange.