Better to Buy than rent at Priory Point, Handsacre
3rd April 2012
Local housing developer Walton Homes claims that homeowners at its Priory Point development in Handsacre could be nearly £100 better off each month than those people renting a similar property in the area.
A two bedroom apartment at Priory Point, priced at just £109,950 could boast monthly mortgage repayment costs of just £455* when purchased under Walton’s equity loan scheme named Lion’s Share, compared to an average monthly rental figure of £530 for a two bedroom apartment nearby.
As an added incentive, under Lion’s Share, house purchasers would need a deposit of just £5,498 on the same property.
Helen Rollason, sales manager at Walton Homes, said: “We are aware that there are many people who would love to own a property but believe that they simply cannot afford it. Hopefully, by releasing these figures which demonstrate just how much homeowners could save when comparing monthly mortgage repayments to monthly rental costs, it will give new househunters the confidence to make their first steps onto the property ladder.
“People often hear the phrase it’s better to buy than rent but when you could make a saving of around £100 each month there really is no argument. These extra pounds could mean the chance to go on holiday, save for a new car or even buy a dream sofa for your new home.”
Through Lion’s Share, buyers will only need to pay 85 per cent of the value of their chosen plot through a five per cent deposit and a conventional mortgage. Walton Homes will pay the remaining 15 per cent share, with the only requirement being that when the property is eventually sold on, or after 10 years – whichever is sooner – the 15 per cent interest free loan is paid back to the developer.
Helen continues: “It is important for developers to look at the current property market and develop initiatives which can help people either purchase their first home or move up to another property. At Walton our most successful scheme has been our Lion’s Share initiative which rivals the government’s FirstBuy. Under Lion’s Share you need a deposit of just £5,498 when purchasing the two bedroom Kenilworth apartment at Priory Point, priced at £109,950, which could make all the difference to those looking for a new home.”
Priory Point boasts an impressive selection of just nine one and two bedroom apartments and five three bedroom family homes. All the homes have been built to a high specification and boast designer kitchens and bathrooms, alongside light and airy living areas.
Walton Homes has also released one of the four remaining two bedroom apartments as a special ‘hot plot’, priced at just £99,950. This apartment is not available under Lion’s Share.
Walton Homes is a family run housebuilder based inLichfield, with a track record spanning over 25 years in the regional property industry. The force behind a significant number of regeneration projects and new homes developments in Staffordshire and the wider West Midlands area, Walton Homes has secured a reputation for its bespoke, quality approach to house building.
The Priory Point marketing suite is open from 10am – 5pm Saturday – Monday inclusive. To arrange a viewing contact the sales team on 01543 490 331. Alternatively, Walton Homes’ head office number is 01543 412 288. Further information on the development can be found on www.waltonhomes.co.uk.
* The Lion Share Scheme helps qualifying buyers own 100% of their brand new home by providing a loan of up to 15% of the purchase price. The example above is based on a 25 year repayment mortgage of £87,960 on a purchase price of £109,950, a 5% deposit of £5,498 and 15% equity loan. 24 monthly mortgage payments of 455 at 3.79% variable followed by 276 payments of £464 at 3.99%, APR 4.1%. Early repayment charges apply during the first two years and there is a lender’s arrangement fee of £400 which can be added to the loan, a booking fee of £99 and a valuation fee of £225. Written details provided on request. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Lichfield Mercury Press Release 22nd March 2012.