First time buyers can purchase a two-bedroom apartment for under £72,000!

Portford Homes has unveiled a new initiative which will help first-time buyers take a step onto the property ladder.

Would-be homeowners on the lookout for an affordable home in Cleckheaton have been advised to investigate a shared equity scheme on offer at Spenmill Grange, where the housebuilders’ new two-bedroom apartments – priced at just £71,960 - are already attracting interest.

For those buyers who don’t have a huge deposit and are worried about getting a mortgage, Portford Homes’ 80/20 shared equity scheme makes it easy to get a foot on the property ladder... It works like this: buyers pay for a minimum of 80% of the property now and pay the remaining 20%, interest free, in up to 5 years or sooner if they choose to sell.

Says David Mackintosh, Sales and Marketing Director at Portford Homes: “We are committed to supporting home ownership in a balanced and sustainable way by helping people become homeowners in such a way that is affordable to them.

“Our 80/20 scheme means that buyers don’t have to obtain a mortgage for the total value of the property which could result in the monthly mortgage repayments being from as little as just £320. If you compare this to the average monthly rental in the area of £450, it makes sense to come and talk to us now!”

Taking advantage of Portford Homes’ shared equity deal to ease the tug on the financial pocket strings could mean first time buyers no longer have to hold back from buying their dream home because of the strain on their monthly outgoings. And for those who are desperate to get moving this is exactly the news they have been waiting for.

By paying just 80 per cent of the purchasing price at the outset, the two-apartments are available for as little as £71,960 and for those who qualify for the shared equity deal, the housebuilder is only asking for a deposit of less than £4,000.
Concludes David Mackintosh: “Since the recession hit, it’s been a tough selling environment for many housebuilders. The fact that we can use incentives such as shared equity to boost our sales helps both us as a business but also the purchaser who has been struggling to get a mortgage and deposit.”

“Our shared equity scheme was introduced as a way of combating affordability issues and it is proving a welcome lifeline to purchasers concerned about living beyond their means during the current economic climate.”

As well as offering exceptional space and style for a great-value price, the two-bedroom apartments at Spenmill Grange are finished to a high standard specification and include central heating, double glazing and a sophisticated fitted kitchen complete with integrated oven, hob and hood.

The development, situated on Whitechapel Road, occupies a convenient location close to Cleckheaton’s thriving town centre which enjoys an abundance of local amenities, shopping, leisure and entertainment facilities.  

To find out more about the development and the 80%/20% shared equity scheme, visit the show home at Spenmill Grange which is open from Friday to Monday 10am to 5pm. For more information call the sales centre on 01274 871573.