WHEN it comes to repayment terms, few lenders are as generous as the “bank of mum and dad” – until now.
Financial contributions from parents and grandparents towards home purchases amount to a massive £6 billion a year, with the amount offered increasing.
Elan Homes recognises that not everyone is fortunate enough to receive support from relatives when buying a home and so is stepping in to help buyers at Derwent Court in West Didsbury.
Marie Morris, sales director for Elan Homes in the North, said: “What’s commonly known as “the bank of mum and dad” is now equivalent to one of the biggest mortgage lenders. Unlike a financial institution, parents often don’t expect to be repaid or if they do, the terms are much more flexible.
“We realise that for various reasons some people won’t have the privilege of having their finances boosted by family members and so we are offering to cover the cost of Stamp Duty on selected properties at Derwent Court. It equates to a saving of at least £13,000 and just like many parents, we won’t be asking for the money to be repaid!”
Derwent Court is an intimate development, offering a choice of 13 new homes, each with four bedrooms and set out over three floors to maximise the potential of the footprint.
Currently available to reserve “off plan”, prices range from £474,995 to £514,995. On the most expensive property, the “Bank” of Elan Stamp Duty contribution amounts to £15,749.
“One of the key advantages of buying a new Elan home is that no one else has lived there, so you won’t inherit someone else’s décor and design choices,” Marie added.
“We offer a superb specification as standard, with many fixtures and fittings other homebuilders class as upgrades included within the purchase price.”
The homes are being built on Derwent Avenue, ideally situated between the sought-after neighbourhoods of West Didsbury and Chorlton and within commuting distance of Manchester city centre.
Residents of Derwent Court will be able to enjoy easy access to a nearby collection of shops, restaurants, cafes and bars, plus the green spaces of Chorlton Water Park and Fletcher Moss Botanical Garden.
For the latest availability and pricing at Derwent Court see https://www.elan-homes.co.uk/developments/derwent-court.
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