The government's extension of the FirstBuy initiative until March 2014 is great news for house-hunters looking for a family home in north Kent. Redrow Homes is offering a collection of three- and four-bedroom properties available with the scheme at Davington Park in Faversham.
Launched in October 2012, Davington Park comprises 56 homes in a variety of styles from Redrow's popular New Heritage Collection of property types. These family homes have a pleasing exterior architecture inspired by the Arts & Crafts movement and come with a chic interior specification.
With FirstBuy, a first-time buyer or someone coming back into the housing market can defer up to 20% of the full price of a new home for up to 25 years. The scheme only requires a deposit of 5% and a mortgage for 75%, with the balance provided by an equity loan from Redrow and the government.
This loan is interest free for five years and repayable at the end of the mortgage period or when the property is sold. The scheme is open to households with an income of up to £60,000. A four-bedroom home at Davington Park can be secure for as little as £197,596 up front, including a deposit of £9,880, with FirstBuy.
Kerry Jenkins, head of sales for Redrow Homes (Eastern), says: "This announcement is fantastic news for first time buyers up and down the country. We have found the FirstBuy scheme incredibly popular with Redrow homeowners, who may have not been able to afford a deposit without it. The extra funding and extension to March 2014 will help a great deal more potential buyers take that vital first step onto the property ladder. It is so easy for people to become stuck in a rental trap, but now more and more will have the pleasure of holding the key to their first home."
Faversham is a great location for families, within easy reach of a host of coastal resorts including Whitstable and Herne Bay. There are good local schools and amenities, such as a primary school right next door to the development and Redrow is contributing funds to community facilities and initiatives as well as building these new homes.
The Medway Towns and Canterbury are within easy reach by road or rail and commuters will appreciate good transport links, with the A2 and M2 close by and regular and High Speed rail links to and from central London from the town's station.
The marketing suite and show home at Davington Park are open daily from 10.00am to 5.30pm. If you can't visit in person, give the Redrow team a call on 01795 250028 to find out more.