Greyfriars Quarter: Where Buying Could Beat Renting By £3,000 A Year

Renters who turn buyers could make a saving of more than £3,000 a year on one of the popular new homes for sale at award-winning Linden Homes’ Greyfriars Quarter development in Gloucester.

By using the government-backed Help to Buy scheme, people with a deposit as low as five per cent could secure a three-bedroom townhouse in the Thornbury style with a mortgage of just £627.76 a month, according to figures provided by New Homes Mortgage Helpline*.

That’s just over £267 less than the monthly rental value of £895 estimated on the same property by Graham Parrott, lettings manager at Michael Tuck Lettings Ltd. Over a year, buying adds up to a huge saving of more than £3,200.

Graham Parrott said: “More and more renters are switching onto the financial benefits of buying. Greyfriars Quarter is proving an extremely popular location because of its proximity to the docks and the town centre.

“They’re also drawn by the high quality finish, the smart energy meters for bringing down bills, and the many other benefits of buying a new build property.”

Homes of up to £600,000 qualify for Help to Buy which works by combining a government loan of up to 20 per cent with an initial deposit of as low as five per cent. That leaves an achievable mortgage of 75 per cent to make up the balance.

Sue Scholfield, sales and marketing director at Linden Homes Western, said: “For renters to be able to save more than £3,000 over a year by purchasing one of our homes is an incredible opportunity. With Help to Buy it’s not just a pipedream either – it’s within reach.

“Greyfriars Quarter is a collection of high quality homes in a fantastic location in the heart of Gloucester. It’s an opening that’s not been seen for a while, so we’re advising people to get in touch now to avoid missing out.”

Greyfriars Quarter is a mix of stylish houses and apartments showcasing contemporary design and high specification quality set within attractively landscaped grounds.

In common with all Linden Homes’ developments, each property also comes with a 10-year NHBC warranty for peace of mind, as well as a two-year customer care warranty.

The homes enjoy a prime position: close to the main shopping area of Gloucester and several historic landmarks, they are also just a short walk away from the docks and the ancient city’s famous Norman cathedral.

*The monthly mortgage figure is based on a three bedroom home at a purchase price of £199,995, with a five per cent deposit using Help to Buy, and a 25-year fixed mortgage with a rate of 1.89 per cent over the first two years.

To find out more call 01452 401 673.

-ENDS-

For media information, contact Claire Oakley or Kelly Ward at Remarkable Content on 01962 893 893.

24 November 2015

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