With a range of buying options, the cost of living in a new build property could be much lower than expected in Ross on Wye thanks to Edenstone Group.
Edenstone Group is offering to make homeownership easier to afford for buyers at St Mary’s Garden Village, with all homes within the new community falling within the price cap for Deposit Unlock. Customers buying this way should be able to access favourable interest rates while only putting down a 5% deposit. Alternatively, Edenstone is working with Heylo to offer selected homes through the HomeReach shared ownership scheme.
Ashmore, a two-bedroom property can be purchased either with Deposit Unlock, HomeReach or as a private sale purchase, with or without a mortgage, and could be ready to move into before the end of summer. The Ashmore is available from £245,000 on the open market from £122,500 for a 50% share.
Adele McCoy, sales director, explained: “We understand that no two buyers’ needs or finances are the same, which is why we offer flexible buying options. In the current economic climate this is particularly important as people look to lower the cost of living. HomeReach is subject to a financial affordability assessment to determine what share of the home a buyer can purchase. This is usually between 50% and 80% of the full market value. As with most house purchases, if you’re buying with HomeReach, putting down a larger deposit should then lower the monthly mortgage repayments. Along with the mortgage repayments, HomeReach purchasers will pay rent of 2.75% of the unsold value, paid monthly via direct debit. Over time there’s the option to buy more shares in the property, known as staircasing, with the chance to own the entire home and stop paying rent altogether.”
Adele added: “For those who don’t meet the criteria for HomeReach, Deposit Unlock offers a route to homeownership. As a company we pay into an insurance policy which reduces the risk to the lender. This means that someone with a 5% deposit should be able to access more favourable mortgage rates, usually reserved for those with more substantial savings. We can even help put buyers in touch with independent financial advisors who can guide buyers through their options to work out the best solution for them.”
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