Redrow offers 'easi:buy' in Midlothian

First-time buyers in Midlothian could find it easier to get a good mortgage deal thanks to a Redrow initiative that enables purchasers to defer part of the price for a new home for 10 years.

Redrow’s ‘easi:buy’ scheme means that buyers at Pear Tree Park in Dalkeith only have to apply for a mortgage which represents 85% of the full value of the property. This should give them access to much better mortgage interest rates without the need for a large cash deposit.

And that’s good news in the wake of research which suggests that getting on the housing ladder in Scotland is harder than anywhere else in the UK.

Housing charity Shelter revealed that it is now 75% tougher to get a mortgage in Scotland than it was 15 years ago. In calling for long-term affordable housing, the charity said that the need to put down hefty deposits meant it was hard to get on to the housing ladder, despite low interest rates.*

First-time buyers will be glad to hear, therefore, that they could secure a two-bedroom ‘Canterbury’ property at Pear Tree Park, for an initial outlay of only £124,096. The property features a substantial lounge/dining area, with patio doors to the garden, downstairs cloaks and a large master bedroom. The outstanding balance of £21,899 can be repaid when they have more funds available or when they come to resell.

Mary McHutchison, sales manager for Redrow Homes (Scotland), said: “One of the major advantages of ‘easi:buy’ is that buyers only have to apply for a mortgage which represents 85% of the full value of the property – hopefully giving them access to some of the best interest rates around. They will receive a 10-year interest free loan from Redrow for the remainder and shouldn’t have to find a large deposit.

“It’s the ideal solution for first-time buyers who would otherwise have been priced out of the property market and is also open to those who simply want to defer paying part of the cost of their new home until they have more funds available.”

Pear Tree Park, situated off Lauder Road, in Dalkeith, is accessible by the A68 Dalkeith Northern Bypass, a route which connects the A68 to the south of the town to a new junction on the A720 Edinburgh City Bypass.

The planned reopening of the Waverley Railway line linking Edinburgh through Midlothian to the Scottish Borders, will also pass relatively close by, with good transport links planned between Dalkeith and proposed stations at Shawfair, Eskbank, Newtongrange and Gorebridge. This line is expected to be operational by 2013.

Visit the development for further details.

* scotland.shelter.org.uk