Interest Free Loans For First Time Buyers!

Posted on September 21, 2010 | News

Great news for first time buyers! Your dream of owning your own home could now be in reach thanks to an interest-free loan from Russell Armer Homes.

We are offering an amazing deal to help first time buyers move into selected apartments at Lady Anne Court in Penrith – interest-free equity loans for 10 years for up to 15% of the value of your new home.

The scheme makes buying your first home so much easier by reducing the amount of deposit you need to find. Rather than saving for years or even borrowing from the Bank of Mum and Dad, you can now get the help you need from Russell Armer Homes and take your first step onto the property ladder.

Mortgage lenders who support the equity loan scheme would usually ask buyers to put down just 5% as their deposit, compared to today’s average deposits of 20% for first time buyers – a much less daunting prospect.

Alison Wall, sales manager for Russell Armer Homes, says, “Your first home is probably the most important purchase you’ll ever make, and now there’s no need to panic about saving for a big deposit because we are here to help you!

“Russell Armer Homes will give you a 15% interest-free loan for 10 years so that you don’t have to save for years to get a deposit together. We’ve been building homes in Cumbria for almost 50 years and our experienced team are here to help you every step of the way. Come and see us at our show apartment at Lady Anne Court or give the team a call on 01539 724282 to find out more.”

Here’s how the scheme could work on a 2-bedroom apartment costing £134,950:

5% deposit from buyer – £6,747.50

15% equity loan from Russell Armer Homes – £20,242.50

80% mortgage from lender – £107,960

(Please note – these figures are for illustration purposes only and the amount of deposit may vary depending on each buyer’s individual circumstances.)

The equity loan is completely interest-free for 10 years – another huge saving for first time buyers. The loan is repayable after 10 years, or when the property sells, whichever is sooner.

For full terms and conditions and to find out how an equity loan could help you, call us on 01539 724282 or visit the show home at Lady Anne Court, open every Friday, Saturday, Sunday and Monday, 11am to 5.30pm.