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Free seminar for first-time buyers

Granary Wharf hosts ‘Ask the Experts’ seminar for aspiring home-owners

Published on April 6th 2011.

Free seminar for first-time buyers

According to research by the Building Societies Association (BSA), the best time to enter the housing market will be within the next twelve months and 59 per cent of people surveyed would buy property immediately or within the next year, given sufficient resources.

“We invite anyone who’s even considering stepping onto the property ladder to come down to the open evening and get a real feel for life at Granary Wharf.”

However, first-time buyers are staying away from the property market as many worry about their ability to raise a deposit or the difficulties obtaining a mortgage. Help is at hand for those in Leeds looking to dip their toes into the property pool this spring thanks to ISIS Waterside Regeneration which is offering a free property seminar called ‘Ask the Experts’ at its waterside Granary Wharf development, just south of the city centre.

The informal seminar is free to attend and will feature talks by King Sturge, the agents for the scheme, who will give an overview on the property market this year and an insight into what life is like for the growing community at Granary Wharf. Janet Sobanska, company director at Keystone Financial Solutions, will offer financial guidance and information on the steps involved in buying a first property and potential purchasers can find out more about ISIS’s interest-free shared equity scheme, Loan2Own.

The shared equity scheme helps eligible buyers to purchase a new property by asking them to pay only up to 80 per cent of the purchase price through a combination of mortgage and savings - usually borrowing 75 per cent on mortgage, with a minimum five per cent deposit from their own funds.

ISIS will then provide an interest-free loan for ten years for up to twenty per cent of the property price. When the time comes to repay the loan, buyers will pay back twenty per cent of the property’s market value at the time, so if the value of the property has gone up, the amount repaid will increase accordingly but if it has dropped, so will the amount payable. Buyers can either repay the loan during the ten year period or wait until the ten years has elapsed, but can pay the amount back in up to four instalments. There is no interest and no rental payment required on this loan.

There is no restriction on the type of property that can be purchased with Loan2Own so buyers looking for a studio, one or two bedroom apartment will be eligible, although there is a list-price limit of £200,000. The scheme is available for anyone to apply but it is imperative that buyers are planning on living at the property and are not buying for investment or to let. They also cannot own another property.

The award-winning Granary Wharf development features two distinctive residential apartment blocks including the eye-catching copper-clad Waterman’s Place development which is already more than two-thirds sold, and the cylindrical Candle House, both of which offer striking roof-top gardens.

Granary Wharf is also home to Leeds’ largest hotel, Mint Hotel, which opened in September 2009 and incorporates the city’s only Sky Lounge with 360 degree views. Several new restaurants, bars and coffee shops add to the vibrant atmosphere of the area. With newly-regenerated canal side landscapes and a fully restored dock, it's becoming one of the most desirable corners of the city.

Hollie Reynolds, senior sales and marketing manager at ISIS said, “This seminar is a great chance for tentative first-time buyers to find out about the buying process from industry experts. It’s an opportunity to get answers to the most common queries that first-time buyers have, from how much deposit you will need to the additional costs involved in buying a property.

“I think people will be surprised to find out how easy it is to secure a mortgage – especially on our Loan2Own scheme. We invite anyone who’s even considering stepping onto the property ladder to come down to the open evening and get a real feel for life at Granary Wharf. Brilliant buying schemes like this will not be around for long so people should really take advantage soon.”

To find out more about buying at Granary Wharf come to the free ‘Ask the Expert’ seminar at the Granary Wharf sales office, Arch U, Dark Neville Street, Leeds, LS1 4BR which is opposite the Mint Hotel Reception from 6pm-8pm on Thursday 14 April.

Call 0113 243 4323 for more info or email granary.wharf@kingsturge.com

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