Housebuilder Lovell is offering a cut-price way for first-time buyers to get onto the property ladder at its Fountain Court development of new homes in Liverpool, which it calls the "ultimate first-time buyer package". The company's shared equity scheme allows those looking for a first home to purchase one of its new-build properties for substantially less than the market price up-front, providing an equity loan for the balance that can be paid back later when funds allow. The homes come with a number of details as standard that would cost extra on many other developments.
The shared equity loan can be up to 25% of the value of a property and is interest-free for up to ten years, so buyers need a deposit of just 5% of the balance and a mortgage for the remainder. The equity loan must be paid back at the end of ten years, or when the house is sold or re-mortgaged. Buyers can pay back the loan sooner, if funds allow. The buyer has outright ownership of the property right from the start.
The Birkenhead development offers a number of semi-detached property types that would make an ideal first home. The ‘Alverley', priced at £110,500, would only need to be funded for £82,875 up-front, including a deposit of just £4,144. It has an open-plan kitchen/dining/living room, cloakroom, bathroom and three bedrooms, with an en suite shower to the master bedroom.
Anne-Marie O'Doherty, field sales manager for Lovell, says: "We have homes ready to move into that can be bought through this popular scheme, which offers a dream home for an exceptionally low price. The homes include carpets, white goods and turfed gardens and customers will also get free consultations with mortgage advisors. This package is everything a first-time buyer could wish for!"
Whether you're a commuter to the city centre, or have a family to consider, the local area around Fountain Court has plenty to offer, including good transport links, a selection of shops, a number of schools at primary and secondary level and leisure facilities such as a multiplex cinema, park and swimming pool.