Two residents live in identical new homes. One pays rent; one pays a mortgage. But who is paying more?
At Westfield Waterside, a fast-selling development of high quality apartments from award-wining Linden Homes in popular Earlsfield, it’s actually the home-owner who has more to spend at the end of the month – by the tune of up to £260.
The surprise figure is an example of the difference between Westfield Waterside’s rental values on a £549,950 two-bedroom apartment and the mortgage possibilities of purchasing the same home there with a five per cent deposit using Help to Buy.
On a property secured through the government-backed Help to Buy scheme, a Linden Homes customer could pay a monthly mortgage as low as £1,740, based on a five per cent deposit of £27,500 and a 1.89 per cent interest rate over 25 years.
Yet according to the well-established Cound Letting and Estate Agents in Wandsworth, that monthly cost would rise to £1,800-£2,000 if renting the same property.
Jon Grace, Cound lettings manager, said: “Westfield Waterside is commanding strong rental prices because it’s a unique offering in the area with good connections, the park and River Wandle nearby, and very nicely presented.”
Westfield Waterside is on the banks of the River Wandle and overlooks the green sward of King George’s Park on the other side. Earlsfield train station, which recently underwent an £8 million refurbishment, puts residents within 15 minutes of central London.
Dylan May, land, sales and marketing director at Linden Homes South East, added: “At Westfield Waterside, Help to Buy definitely weights the balance in favour of buying over renting – lower costs, greater security and the freedom of owning your own home.
“The finances stack up but so do the attractions of Earlsfield as a well-connected launchpad into London. Word is getting around about Westfield Waterside, so we’re advising people to get in touch now to avoid missing out.”
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.
As well as outstanding value, each Westfield Waterside property boasts modern, open-plan layouts, full-height glazing, a balcony or terrace, and the luxury of a concierge service and underfloor heating.
Underground basement parking is available plus the opportunity of up to 1 gigabyte Hyperoptic broadband. Every property comes with a 10-year NHBC warranty as well as a two-year customer care warranty.
To find out more and to register your interest go online or call 02087 129 246.
-ENDS-
For further press information, contact Kelly Ward, Claire Oakley or Claire Cathersides at Remarkable Content on 01962 893893.
References to “we”, “us” or “our” are to the part of the Vistry Group (including Linden Homes, Bovis Homes, Countryside Homes, Drew Smith or one of Vistry’s joint venture companies) from which you are intending to purchase a new home. References to "you” and “your” are to the prospective buyer or buyers of a new home from us.
All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales consultants for details of the exact specifications available at the development(s) for each type of home and the associated prices.
