A DEPOSIT boost worth around £20,000 could increase buyers’ borrowing power and help them secure a new home in Lancashire.
Regional sales director Marie Morris explained: “We understand that the pressures of the cost of living can make it difficult to save for a deposit. With that in mind we’ve introduced a deposit boost scheme to help buyers’ money go further. Put simply, if you have a 5% deposit, we could boost it to 10% by matching your deposit. This could improve the range of homes and mortgage options available to would be homeowners. With deposit boost, there’s potential to access more competitive interest rates, usually reserved for those with more substantial savings, and enjoy lower monthly mortgage repayments. For some it may mean they’re able to buy sooner than they anticipated, while others could find they’re able to buy a larger, more expensive home they can grow into.
“Plus, because our homes are energy efficient, they can be purchased using green mortgages. These are available from selected lenders and in some cases have better interest rates than traditional mortgage products. Buyers can use the mortgage checker on our website to help work out how much they could borrow and how much their repayments would be without affecting their credit score.”
Between the two locations, Elan has a good range of three and four-bedroom homes available with deposit boost.
For example, at Redwood Gardens, between Blackpool and Lytham, a four-bedroom detached Seaton, priced from £384,995, is available with a 5% deposit boost worth £19,250.
The Seaton offers1,459 sq ft of carefully planned living space.
The lounge is at the front, with double doors leading through to the combined kitchen and dining room. French doors then open out onto the rear garden. A utility adjoining the kitchen provides a dedicated space for the washer and dryer.
Upstairs, there are four bedrooms. The main bedroom benefits an en-suite, meaning the family bathroom serves the other three.
Over at Whittingham Fold in Goosnargh, a 5% deposit boost on a four-bedroom detached Alvechurch, priced at £429,995, amounts to £21,500.
A fantastic family home, it spans 1,591 sq ft including lounge at the front and spacious kitchen / family / dining room with French doors leading out to the garden. There’s also a utility and cloakroom.
Upstairs, two of the bedrooms are en-suite, leaving the family bathroom to serve the other two bedrooms.
The deposit boost offer is to contribute up to a maximum of 5% deposit payable at the time of completion and is subject to lender’s criteria.
For more information about the homes available at Redwood Gardens see www.elan-homes.co.uk/developments/redwood-gardens or for details about Whittingham Fold see https://www.elan-homes.co.uk/developments/whittingham-fold.