Cash-strapped house-hunters in the Midlands can pick up a brand new two-bedroom home in Nottingham for under £100,000, thanks to housebuilder Lovell's shared equity scheme. An ‘Upton' semi-detached property at The Glades in Top Valley, to the north of the city, has a market price of £119,500, but with a shared equity deal, the up-front price reduces to £99,875.
The scheme only needs a 5% deposit and a mortgage for 80% of the full price. The balancing 15% is provided in the form of a ten-year equity loan by Lovell, which is interest-free. The buyer retains 100% ownership of their home from day one. The small deposit and reduced mortgage payments will give the buyer time to save the money over that period.
Beverley Johnson, Lovell's sales adviser at The Glades, says: "Those who are currently renting may be surprised to find out they can own their own home and make real savings in the future by choosing to buy rather than rent. A report from the National Housing Federation has predicted the cost of renting a home in the East Midlands will have risen by 53% by 2020, so we're encouraging renters to find out how they can avoid these huge hikes by visiting The Glades."
The ‘Upton' on plot 62 features a fully fitted kitchen/dining room with a range of integrated appliances and a separate lounge with French doors opening onto the garden, a cloakroom, two bedrooms, with fitted wardrobes to the master, and a family bathroom. The price also includes a single garage.
"The ‘Upton' is an ideal choice for anyone who is currently looking to buy, particularly those who are searching for their first home," adds Beverley. "As the ‘Upton' is currently available to purchase off-plan, buyers have a rare opportunity to choose all of the finishing touches for their home, so first-time purchasers can get a ready-made home that reflects their personal tastes without having to do all of the work."
The marketing suite at the development is open from Thursday to Monday, from 10.00am to 5.00pm, and Beverley is on hand to answer any queries about the choice of properties on offer and incentives such as the shared equity scheme.
She says: "Buying a home is such a huge commitment that people can often feel overwhelmed when looking to purchase, but I will happily talk you through what the scheme entails, how it might suit your needs and the benefits it can offer."
