Why rent when you could buy in Cheltenham
WITH rising property prices and fears of huge deposits, many adults understandably feel stuck in the rental trap, but those who opt to buy could actually find they’re better off.
Recent research by Zoopla found purchasing a property is becoming more cost-effective than renting. The property website analysed the cost of renting a two-bedroom home compared to servicing a mortgage, revealing that buying now works out cheaper than renting in 48 per cent of cities in the UK (compared to 36 % when the data was last analysed in October 2015).
With the Government backed Help to Buy: Equity Loan scheme making it possible to purchase a new build home with just a 5% deposit, taking that first step could become a reality.
Help to Buy is available on brand new homes like those built by Elan at St George’s Mews, in Cheltenham.
The show-stopping development, off St George’s Road, features a range of traditionally-built three and four-bedroom townhouses and three-bedroom two-storey homes, with high-specification fittings and designs to appeal to young professionals and families alike.
The Help to Buy Equity Loan scheme is providing would-be homeowners with a lifeline, enabling buyers to secure a home with just a 5% deposit and 75% mortgage. The remainder is covered by a 20% equity loan, which is interest free for five years.
For example, a three-bedroom ‘Litton’ home at St George’s Mews, priced at £335,000, could be purchased with a 5% deposit of £16,750, a 75% mortgage for £251,250 and a 20% equity loan from the Government for £67,000.
The Litton is a stylish property offering well planned accommodation over three floors. The ground floor consists of an open plan kitchen/dining/family room and a separate downstairs cloakroom. On the first floor there is a lounge to the rear overlooking the garden, a third bedroom and the family bathroom, while on the top floor is the spacious master bedroom with en-suite and a second bedroom.
Andrea Nippe, sales director for Elan Homes in the South said: “Why pay hundreds out in rent each month with nothing to show for it at the end of the day? It’s certainly worth doing the calculations to see if you can afford to buy and, after the initial outlay, whether you’ll be better off renting or paying a mortgage each month.
“For many people, putting money into bricks and mortar is a savvy choice. Not only is it a solid investment with property values increasing all the time, you have a home of your own, of which you can be proud and style how you choose.”
Cheltenham has been named in The Daily Telegraph as the number one place in the UK to raise a family so it’s the ideal choice for those looking to put down roots.
Boasting traditional architectural character outside, inside the well-specified modern homes boast fully fitted kitchens and bathrooms and brand name appliances. They are energy efficient and easier to maintain than their older counterparts on the second hand market.
A show home will open at the development this summer.
Prices start from £335,000 for a three-bedroom, three-storey townhouse. The marketing suite is open Friday to Monday, 10.30am to 4.30pm.
Call 07795 172151 or email email@example.com to book your appointment to view.