Homeowners looking to move onto or up the property ladder with a combined income of less than £36,000 can purchase a new three bedroom home at St. Modwen Homes’ Edison Place development in Rugby, thanks to the government’s Help to Buy scheme.
Designed to assist home buyers move both onto, and up, the property ladder, Help to Buy has assisted over 50% of sales at Edison Place this year alone, with strong sales expected to continue in 2016.
Under Help to Buy, people can essentially borrow four and a half times their salary to obtain a mortgage and purchase a house. Without any other financial commitments, such as credit card debt, this means that couples and young families with a joint salary of £35,999 can get on to the property ladder and become homeowners at Edison Place.
Priced at £215,995, under Help to Buy the three bedroom Mirin home can be purchased for just 80% of the listed price, with a 75% mortgage and 5% deposit. The remaining 20% is covered by an equity loan of up to 20% from the government.
Bev Hall, Sales and Marketing Director at St. Modwen Homes, said: “With Help to Buy, purchasers only need a deposit of 5% to secure a high quality three bedroom home at Edison Place, which could be as low as £10,799. This is great news for young professionals and growing families who are looking to move up the property ladder and purchase a home in this great location.”
A range of three bedroom Mirin homes are currently available to purchase at Edison Place, with prices starting from £215,995. Designed with young families in mind, the Mirin features a large open plan kitchen/dining room with French doors leading to the garden, and an additional downstairs bathroom. While upstairs the master bedroom benefits from both an en suite and built-in wardrobe.
For more information about Edison Place, visit the Marketing Suite which is located off Technology Drive in Rugby, CV21 1BD. Opening times are Thursday to Monday between 10am to 5.30pm inclusive of the weekends. For more information call 01788 537 729 or email EdisonPlace@StModwenHomes.co.uk. Alternatively visit www.stmodwenhomes.co.uk or follow us on Twitter at @StModwenHomes and on the Edison Place Facebook page.