News & Events

05/10/04Part buy - no rent!
With the staggering rise in house prices, not only first time buyers and key workers but a growing number of average earners are increasingly turning to shared ownership schemes to join the property ladder. Many properties are available on a part buy, part rent basis, which when the mortgage and rent is added together can work out more expensive. However, Merlion Homes offer a viable alternative to overcome this problem.

Merlion Homes is offering quality accommodation as part of a shared equity scheme, furthermore rent is not payable on the non purchased part. Nine brand new apartments are being built at Disraeli Court, High Wycombe with prices starting at £92,500 for a 70% share on one bedroom apartment. Two bedroom properties with secured parking start at £105,500.

The apartments at Disraeli Court are finished to a high standard, with Gas Central Heating, secured parking, fitted kitchens with selected appliances, and many benefit from a balcony or terrace.

"Young first time buyers in professional jobs are being priced out of the market and all the government grants seem to be directed to key workers" says Debbie Poynter, Sales and Marketing Director. "We are very excited to be offering local people a contemporary designed, quality property at an affordable price. Buyers may have the opportunity to buy the remaining share at a later date but under no obligation to do so".

One example of how this purchase method has been used is at Merlion Homes' development at Southampton Street, Reading. John Robson previously lived in Goring on Thames with his parents. He was intending to find a home of his own but found that he was unlikely to afford a property close to where he works in central Reading.

"I had spent a long time looking for a property as I saw renting as dead money, but I hadn't been able to find anything within my price range. The 15% discount provided by the Merlion scheme was what made it possible to buy as it effectively gave me a deposit. Also because I was only taking out a mortgage on 85% of the property's value, I was able to get a good rate".

"One of the other advantages is the fact that I can buy into 100% ownership in the future".

"The development itself is ideal. A lot of flats I had looked at previously were in large developments but there are only 12 flats at Southampton Street, and despite it being very central within Reading, the block is nice and quiet".

"I have lot of friends in their mid-twenties who are keen to get on the property ladder, and I know that they would jump at the opportunity to buy a home from Merlion."

For further information on Disraeli Court, please contact Thomson Wilson on 01494 474234.

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