Wigan, United Kingdom (PressExposure) October 19, 2009 -- Trialled earlier this year, the First Time Buyer product proved a storming success with sales secured in the first few hours of its launch weekend and all selected properties sold out within a month.
Now, as the First Time Buyer market shows signs of activity and mortgage enquiries begin to riseÂ¹, Stewart Milne Homes North West England is bringing the product to Trencherfield Mill in Wigan and offering another chance to get started on the property ladder, but only while the selected range of properties last.
Using market research to identify the real blockers to first time buying, the specially tailored product presents the financial tools and practical solutions required to make home ownership easy and a more financially sound option than renting.
A key part of the Stewart Milne Homesâ purchase plan ensures that the deposit is manageable. Whilst lenders have been reducing their deposit requirements for first time buyers, the average still remains at around 21 per centÂ². With the First Time Buyer product, customers not only benefit from a mortgage for only 75 per cent of the property price, which significantly reduces monthly payment amounts, but require just 5 per cent of this portion as a deposit.
Using this purchase plan, a buyer owns 100 percent of the property from day one whilst being financially responsible for a more manageable amount. The remaining balance is then deferred, interest free, for up to ten years or until the property is sold.
The First Time Buyers product includes mortgage protection, home insurance and management fees for the first year and covers all legal and survey costs associated with the purchase. In addition, the package ensures buyers can move straight into a new property fully kitted out with flooring throughout; furniture for the living area, plus master and second bedrooms; a fully fitted kitchen complete with stainless steel oven and hob, fridge freezer, washer dryer and microwave; a home cinema including 40" plasma TV, DVD player and Sky Box with a yearâs free subscription.
The First Time Buyer plan is available with the stunning two-bed apartments at Trencherfield Mill in Wigan. With its careful fusion of industrial history and contemporary design, the renovated Grade II listed building presents the perfect choice for a modern lifestyle with individuality. Each property has been creatively designed to utilise the buildingâs original features. Impressive high ceilings, large windows, and expanses of red brick are coupled with light, fresh colour schemes, emphasising the ample space and enhancing the appearance of original brickwork.
Building on Stewart Milne Homesâ reputation of delivering quality with style, apartments also feature large, bright kitchens finished to the highest specification, with granite worksurfaces and fully integrated appliances.
Two bed apartments at Trencherfield Mill start from Â£139,950, which would cost just Â£330 per month with the First Time Buyer plan. Terms and conditions apply. For further information contact the showhome and marketing suite on 01942 497 506, open Thursday to Monday from 10.00am until 5.30pm. Alternatively, visit http://www.stewartmilnehomes.com.
ENDS Notes to editors â¢ Â¹ - FT.com, 01 Sep 2009: Mortgage enquiries from first-time buyers are rising again, according to Unbiased.co.uk
â¢ Â² - MoneyHighStreet.com, 15 September 2009: Mortgage lenders demand lower deposits from first time buyers