New Buy helps James stay on the housing ladder

When planning manager, James Croucher purchased his home in 2006 little did he know that the housing market was about to come crashing down around him. Having purchased his home in Bedfordshire with an interest only Northern Rock mortgage everything in the garden looked rosy – ‘the rest is history,’ says James.

“At the time, like many people before me I did not realise that I was buying at the top of the market, consequently when it came to selling my property this year I was bordering on negative equity with not enough left after the sale to make up a meaningful deposit.”

Thankfully for James he was able to down-size to a two bedroom apartment at Bellway’s New Cardington development in Bedfordshire with the help of the New Buy scheme.

“Financially, New Buy has been a god send, I had enough money for a 5% deposit but really not much more, without New Buy I suppose I would have been forced back into the rental sector. New Buy has enabled me to buy a brand new apartment within walking distance of where I work with a 95% mortgage. I now have a repayment mortgage with Woolwich Building Society and including the service charge I am paying less that I was for the interest only mortgage I had previously.”

James who is now 37 has moved into the historic Shorts Building at New Cardington where Bellway have completed a major restoration to return the building to residential use. James was also able to take advantage of Bellway’s Express Mover scheme which involved Bellway helping to sell James’s old home avoiding the cost of James employing an estate agent.

A buyer at New Cardington can take advantage of Bellway’s NewBuy scheme and benefit from a 95 per cent mortgage which brings the deposit on a 2-bedroom home costing £134,995 down to a more affordable £6,750, a figure that in many cases is cheaper than it would have cost to rent a second hand home over twelve months.

“The NewBuy scheme has certainly caught the interest of buyers,” confirmed Bellway’s sales Director, Ian Sloan. “Typically, buyers in the past have had to find a deposit of at least 10%, by reducing the size of the deposit to 5% means that more people are able to apply for a mortgage.”

Visitors to New Cardington can see for themselves the lifestyle on offer at New Cardington by viewing Bellway’s ‘Stanbridge’ show home and two bedroom show apartment in the Shorts Building.

For commuters, Bedford station is approximately 3.5 miles away and has fast services to London St Pancras - and Eurostar - in under an hour. Road links are excellent with planned improvements to the A600; major routes the (A1 and the M1) are easily accessed, and London Luton airport is under 30 miles away.

For more information please call the sales centre Tel 0845 676 0258 Open daily 10.00am - 5.00pm