Mortgage Beats Renting For Residents Of Victory Fields New Homes

Rents are on the rise and mortgage rates are at record lows.

For investors it’s great news. For tenants it’s yet more evidence that the monthly cheque to their landlord is not only money down the drain, but can actually be more expensive than buying.

The twin challenge for many, however, is accumulating a deposit big enough to step up onto the property ladder to escape the draining rental grind, and securing a mortgage that makes financial sense.

An illustration of how to solve the conundrum is at award-winning Linden Homes’ Victory Fields development in the Cotswolds village of Upper Rissington.

There, a high quality three-bedroom house in the Hawker style, complete with integrated kitchen appliances, energy efficient design, and stylish fixtures and fittings, would rent for £950 a month.

However, by using the government-backed Help to Buy scheme for a similar £250,000 house, for example, owners could end up paying a mortgage of just £784.72 – a monthly saving of precisely £165.28 and requiring a deposit of just £12,500.

The purchase figures are from independent experts New Homes Mortgage Helpline which calculated the payment based on a two-year 1.89 per cent fixed rate mortgage over 25 years using the Help to Buy scheme.

For houses priced up to £600,000, Help to Buy gives people with a deposit as low as five per cent a hand up by offering a 20 per cent government equity loan so the mortgage they need is reduced to 75 per cent – much closer to what househunters can afford.

Steve Garton, Linden Homes Thames Valley’s sales and marketing director, said: “Renters often feel they’re trapped with high monthly payments – but Victory Fields shows there is a way out, even if you have a low deposit.

“There’s nothing wrong with renting but owning your own home is a special feeling. You have the freedom to decorate as you wish, make changes, and you’re investing for your future.

“As well as characterful homes and a growing community, Victory Fields offers stunning scenery in some of the most beautiful countryside England has to offer. We’re advising people to come and see it to find out more.”

Located by the village of Upper Rissington and almost equidistant between Cheltenham and Oxford, Victory Fields has developed on a former airbase of the RAF’s famous Red Arrows. On hand will be a village square, shop, proposed public house, gym, and green space dotted with play areas, wildlife ponds and tennis courts.

Main roads link to the motorway network giving access to the M40, the M4 and the M5. The nearest train station is at Kingham, from where services can reach London Paddington in about an hour and a half. The nearest international airports are Birmingham and Heathrow.

To find out more, call 0844 417 8520 or go online.

-ENDS-

Media can contact Claire Oakley or Claire Cathersides at Remarkable Content on 01962 893 893 for more information, images and interviews with Linden Homes.

07 April 2015

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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 representatives for details of the exact specifications available at the development(s) for each type of home and the associated prices.