“WE BOUGHT OUR DREAM HOME AT 26 BY SECURING A LOWER RATE MORTGAGE”
First time buyers purchase at Vistry Group’s Countryside Homes’ Rochdale development
A young couple from Greater Manchester have made their house buying dream a reality by taking advantage of a new incentive that will see them make mortgage savings of over £1,000 a year.
With the average age for first-time home buyers currently 33 years , Shannon and Nathan, both 26, have defied growing statistics and used the Own New Rate Reducer scheme to purchase their first home at Countryside Homes’ development, Calico Grove in Rochdale.
‘Own New’ mortgages are part of a nationwide scheme to bring together lenders with house builders to help buyers purchase a newly-built home sooner than they might otherwise, with as little as a 5% deposit. Buyers can unlock lower mortgage interest rates from a participating lender, over a fixed two or five year period, providing more affordable mortgage payments during that time.
Shannon and Nathan, who were previously renting a two bedroom flat in Swinton, had been saving for a deposit for two years. The couple were keen to avoid a renovation property and had their heart set on a new build in the Greater Manchester area. They soon came across a three bedroom home at Calico Grove, only a few miles away from Nathan’s family in Oldham.
Shannon, who works as an administration assistant, said: “We’d been saving for a deposit for a while, but as first-time buyers we wanted to take advantage of available incentives that would help us financially, which was one of the reasons we focused our search on new builds.
“We hadn’t heard about the Own New Rate Reducer until we came across it on Countryside Homes’ website, and when we discovered it was available on the plot we were interested in, it felt like it was meant to be.
“The sales consultant at Calico Grove put us in touch with a mortgage advisor who talked us through our options and we realised through Own New we could secure lower interest rates which would make our monthly mortgage repayments more affordable. This provided us with peace of mind financially.”
Joe Turner, Managing Director, Vistry Manchester and Cheshire East, commented: “We understand how difficult it can be for first time buyers to get onto the property ladder, and we’re pleased to be able to offer a range of incentives, such as Own New, that make homeownership more accessible for a wider range of potential buyers. We wish Shannon and Nathan all the best as they settle into their new home here at Calico Grove in Rochdale.”
Countryside Homes provides a financial contribution of typically 3% on a particular home to Own New, which then passes this to the lender. There is no cost to the home buyer and they will own 100% of the property. In addition to reducing monthly outgoings during the fixed-rate period, the customer will pay more off the capital value of their mortgage because the interest charged on the loan is lower.
Own New Rate Reducer is available on selected plots, with prices starting from £309.995, at Calico Grove in Rochdale.
To find out more visit:
https://www.countrysidehomes.com/developments/greater-manchester/calico-grove-rochdale
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
