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Boost for would-be buyers on new estate

HOME DEAL ... Cleadon Vale resident Cheryl Collins.

HOME DEAL ... Cleadon Vale resident Cheryl Collins.

TIME is running out for house hunters wanting to live on a recently-built East Shields estate.

Housebuilder Bellway has just one two-bedroom apartment left on Sunderland Road, Cleadon Vale, after a number of people took advantage of the Government’s Help To Buy scheme.

The incentive means buyers only have to find a five per cent deposit and can also benefit from interest-free loans

Bellway’s sales manager Dave Meacham said: “The apartments have been extremely popular with people downsizing from larger homes in the area, and with first-time buyers looking to get on the property ladder by taking advantage of the Help To Buy scheme.” Mr Meacham said that rental values for a two-bed property in the area are about £450 a month, but the Help To Buy scheme means only a five per cent deposit of £5,000 would be needed.

Buyers can also take advantage of a five-year 20 per cent interest-free Government loan, which would mean that monthly payments, based upon a current Halifax mortgage rate of 2.94 per cent, would amount to £355 a month – cheaper than renting.

Cheryl Collins, a school worker, moved to Cleadon Vale a year ago.

She said: “I am really pleased that I moved here.

“The finish and quality of my home was excellent.

“In comparison to how the area looked a couple of years ago, there has been a huge transformation for the better.

“Cleadon Vale is now a really comfortable and safe residential suburb.”

Twitter @shieldsgazvez

 
 
 

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