Pay 70% of asking price for new Milnrow homes

Spinners Mews, Milnrow

Homebuyers can own a brand new apartment at Churchgate in Milnrow and postpone paying off 30% of the asking price.

Buyers with an annual household income of less than £60,000 can get an equity loan for up to 30% of the purchase price through HomeBuy Direct.

Jointly funded by developer Redrow and government, through the Homes and Community Agency (HCA), the equity loan is interest-free for the first five years and means that a one-bedroom apartment at Spinners Mews can be bought for an initial outlay of £60,200.

The apartments feature an open plan kitchen, dining and lounge area and include a single parking space.

HomeBuy Direct is open to first time buyers and people re-entering the property market following a change in circumstances, such as a divorce or the breakdown of a relationship.

Customers who take part in the scheme will own 100% of their home from day one but may only have to pay as little as 70% of the initial purchase price. They can start purchasing the remaining share in instalments after 12 months.

Lesley Myers, area sales manager for Redrow Homes, said: “Homebuy Direct provides an excellent opportunity for people to get the brand new home they’ve always wanted at a price they can afford.

“The fact they potentially only need to borrow 70% of the purchase price will help give purchasers access to a better range of mortgage deals and, with new homes easier to maintain, more energy efficient and potentially cheaper to run than older second hand properties, it all serves to make new homes like the apartments at Spinners Mews very appealing.”