A DEPOSIT boost could increase buyers’ borrowing power and help them secure a new home in Lower Darwen.
Elan Homes is offering a gifted 5% deposit contribution on selected new homes at its Tower Gardens development on Milking Lane.
The incentive is potentially worth up to £17,750 and could make a big difference to homebuyers.
Marie Morris, sales director for Elan Homes in the North, said: “Deposit boost is our way of helping dreams of homeownership become a reality. The scheme is designed to support homebuyers by boosting their savings so that their money goes further. For someone with a 5% deposit, we’re effectively doubling their deposit. This should give buyers increase the mortgage options available to buyers, giving them access to more competitive interest rates and lower monthly repayments. This in turn will potentially improve the range of homes that are within their budget, enabling them to buy sooner than they hoped or even buy a home they grow into rather than out of.
“To help potential purchasers assess their finances, we have a mortgage checker on our website. It’s a fantastic, free to use tool that can help people work out how much they could borrow and how much their mortgage repayments would be, without affecting their credit score.”
Tower Gardens offers a choice of three and four-bedroom homes, with current prices from £229,995 to £354,995.
On a four-bedroom Southwold, priced at £349,995, the 5% deposit boost amounts to £17,500.
Elan new homes feature stylish kitchens with integrated appliances, with the Southwold available with an upgraded kitchen.
The Southwold offers 1,369 sq ft of living space. The lounge, with feature bay window is at the front, and has double doors opening onto the combined kitchen and dining room. French doors open out from the dining area to the rear garden, while a utility and cloakroom adjoin the kitchen.
Upstairs, there are four bedrooms, one with en-suite, plus the family bathroom.
For those who don’t need a deposit boost but have a property to sell, part exchange is available. Effectively Elan will act as a guaranteed cash buyer for the customer’s home with no last minute haggles over the price and the convenience of being able to stay in the existing property until the new home is ready.
“February is one of the coldest months of the year and the recent cold snap has helped highlight the energy efficiency of new homes. Research by the HBF suggests those living in a new house could save 63% on their energy bills, compared with those living in an older one,” Marie added.
“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.”
Elan’s homes are being built close to Lower Darwen Primary School, meaning it’s ideal for families.
There’s a choice of supermarkets within a 10-minute drive while Darwen town centre is home to a mix of independent businesses plus a thriving market, while the market square hosts a variety of events.
The show home at Tower Gardens is open Thursday to Monday from 10am to 5pm. For more information about the new homes in Lower Darwen see https://www.elan-homes.co.uk/developments/tower-gardens.