Concept For Living magazine » £1M Grant for Manchester Flats

£1M Grant for Manchester Flats

Tuesday, June 2nd, 2009

A Manchester based developer has been awarded a £1m grant for its award-winning homes.

Ask Life has apartment schemes in Salford Quays (Abito) and Urmston (Eden Square) which the HomeBuy Direct grant will apply to.

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 per cent of the property value. This contribution can act as a deposit for the property which means purchasers are not burdened with trying to find a large sum of money before 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. Monthly mortgage payments on homes bought using this new initiative currently work out cheaper than renting a property at Abito Salford Quays.

“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 per cent mortgage. This can only be a positive move towards kick-starting the first-time buyer market.”

Visit: www.asklife.co.uk for more information about Ask Life.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.