October 2009
First time buyers are getting a helping hand onto the property ladder from North West housebuilder Arley Homes. The developer is launching its first shared equity mortgage agreements, offering the three remaining apartments at St George’s Park in Mossley for under £97,500.
Arley is responding to demand from potential purchasers who want to buy but have found they are unable to save enough deposit to get a mortgage. Following the success of other assistance schemes, such as part exchange and five per cent deposit paid, Arley believes the incentive will help local young people get their foot in the door, despite the wider market conditions.
John Cosgrave, managing director of Arley Homes, said the offer was aimed at people thwarted by the actions of the banks. He said: “The attitude of the banks has been to reign in their lending, thereby cutting off most people’s access to funds. So it comes as no surprise that young people, or those wanting to buy on their own, are struggling to secure a mortgage.
“It is a travesty they should be prevented from following their dream of owning their own home because of what is happening on the world stage. Arley has long worked with buyers to help them make the move, be it through part exchange, assisted sale or other incentives. Now we are making shared equity an option for those who want to buy one of these apartments but can not do so without some help.”
Arley’s shared equity deal is a 75 / 25 split with the homeowner buying 75 per cent of the property and the developer retaining 25 per cent, which can be paid off or upon sale of the property or sooner should the purchaser wish.
The scheme is ideal for anyone struggling to save a deposit or gain a 100 per cent mortgage from the bank. Arley originally marketed 30 apartments over four phases at St George’s Park and this deal is only available on the remaining three.
These elegant two-bedroom properties have an open plan dining area which is flooded with light throughout the day, and makes the most of the stunning views up onto the Pennine moorland and down into the pretty town of Mossley.
They are part of a mixed development which also includes three-, four- and five- bedroom family homes overlooking the Huddersfield Narrow Canal and River Tame. The semi- rural setting, in the heart of the Tame valley, offers the perfect blend of countryside living with the hubs of Ashton-Under-Lyne and Manchester City Centre within an easy drive.
Apartments at St George’s Park start from £129,950, or £97,463 under the shared equity scheme. For further information or to arrange a viewing please call 01457 834 000 or visit the Marketing Suite which is open Thursday to Monday 10am to 5pm.
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Press contact:
Deborah Garritty/Heather Butler,
Bell Pottinger North (01625) 506444/411/435
dgarritty@bellpottingernorth.co.uk/hbutler@bellpottingernorth.co.uk
