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Ask Life awarded HomeBuy Direct Grant for Eden Square, Urmston

Internal press release

16/04/2009

Ask Life has received a HomeBuy Direct grant for its remaining apartments at the first phase of Eden Square in Urmston.

HomeBuy Direct aims to make more new affordable homes available to eligible buyers who are currently priced out of the housing market. The scheme allows a purchaser to buy a new home with an interest free loan from the developer and the Homes and Communities Agency of up to 30% of the property value. This contribution can act as a deposit for the property and therefore purchasers are not burdened with trying to find a large sum of money prior to purchasing.  

For example, with a property worth £100,000, an eligible purchaser would be provided with a loan of up to £30,000. This loan then acts as a deposit and the purchaser would need to a source a mortgage of £70,000. 

The scheme is aimed at first time buyers and key workers and only those who have an income/joint income of less than £60,000 will be eligible for the scheme.  The mix of one and two bedroom apartments at Eden Square all feature either a balcony or ‘winter garden’ and have fully fitted kitchens and bathrooms.  The apartments will be completed in autumn this year.

Duncan Bowman, Director at Ask Life, said; “Ask Life is delighted to have been awarded the HomeBuy Direct grant for our remaining apartments at Eden Square in Urmston. In the current market, this scheme will offer people a helping hand up on to the property ladder.  This is fantastic news and means purchasers can buy one of our extremely popular apartments in Eden Square at just over £77,000 and one of the 2 beds at around £120,000, both of which are unrivalled offers in terms of value.”

“Early indications from a number of High Street lenders are very encouraging with many of them willing to lend the maximum amount required to make up the 70% mortgage.  This can only be a positive move towards kick starting the first time buyer market, and we at Ask Life are well placed to offer a range of new home products to purchasers who qualify for HomeBuy Direct.”

Jon Gildea, Director at Money & Mortgage, said; “HomeBuy Direct is a great opportunity for new buyers to get onto the property ladder with little or no deposit.  Mortgage lenders including Royal Bank of Scotland are very positive about the scheme and have made very competitive products available.  In effect first time/ new buyers have access to competitive products, in some cases with the same low interest rates available to those who have built up a substantial amount of equity over a period of time.”

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