Countryside Properties launches new shared equity scheme in St Helens
With many finding it difficult to purchase a home in the current financial climate, Countryside Properties has launched a new shared equity scheme that will enable buyers in St Helens to 100% own a new home without the cost of a full mortgage.
'Move Up' enables buyers to pay 75% of the value of a new Countryside Properties home at HQ in St Helens, with the developer taking care of the remaining 25% for 10 years. There is no deposit and the home is fully owned by the buyer from day one.
The remaining 25% of the market value of the property can be paid back to the developer when the property is sold or at any time within 10 years. There is no rent to pay and the share is interest free for five years after which it is fixed at 3% APR*.
One lucky home buyer who has benefited from the scheme is Stephen Knowles (41), who recently purchased a one bedroom apartment from Countryside Properties and he commented: "I was forced to give up my previous property after a relationship ended and I didn't think I would ever be able to afford another home and get back on the ladder. Move Up made it all possible. I'm buying is top quality so you really get your money's worth, but I can say for certain that thanks to Move Up I am getting a fantastic deal. The scheme has made my life so much easier, if I hadn't had this option I wouldn't have found home buying quite so stress free and affordable."
Regional Sales Director Andrew Robertson, said: "The credit crunch is putting owning a new home out of reach for many people so we have created a scheme that will enable buyers to 100% own their own property without over-stretching to cover the mortgage. This is no shared ownership scheme. It comes minus the burden of any rent and interest is only incurred after five years.
"So whether you're just starting out or can't quite afford the property you want, our Move Up scheme will ease the financial worry."
Buyers can choose to pay off all or part of the loan as and when their own financial situation changes within the 10 year period. This means that homeowners can take advantage of promotions at work or potential cash windfalls and invest in the future equity of their home, decreasing the developer's entitlement to future proceeds.**
The Scheme is available to anyone who is buying to live, regardless of their position on the property ladder. Countryside Properties will also pay a buyer's legal and survey fees up to £1,000.
The offer is available on selected homes at HQ in St Helens. For more information interested parties are advised to speak to a sales consultant on 01744 20747 or visit www.hqsthelens.co.uk
*3% APR is based on the initial value of the original 25% share loaned - or the outstanding share owned at that time.
**Part payments must be 20% or more of the original loan amount and are subject to a market valuation.