Homebuy lifeline offered to Crewe residents

19-Jun-2008

First-time buyers in Cheshire are being offered a lifeline by one developer concerned about current mortgage difficulties.

Representatives for Redrow explained that their latest properties in Crewe are ideally suited to individuals finding it difficult to find the funds for a required deposit.

According to a spokesperson, a two-bedroom apartment at The Sidings costs £115,000 but can be purchased for £86,250, with the outstanding balance paid over the next ten years.

The deferred part of the house price - representing a quarter of the total cost - is intended to be paid back at market value at the time of the original payment.

Patsy Aicken, sales director for Redrow, said: "Not only will the customer legally own 100 per cent of the property from the outset, they will not have to pay rent on the deferred element.

"And there's more good news in that the outstanding cost will reduce on a sliding scale if they repay it within the first three years."

Once completed, The Sidings is expected to comprise 215 properties suitable for first-time buyers and families, with a health centre also being built next to the development.

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