Buying an apartment
offers a number of benefits compared with purchasing a house and a great way to
get your foot on the ladder. We’ve pulled together our top tips for buying your
first apartment at Oakthorpe in Peterborough, including
schemes you can access to save money, and why buying an apartment could be the
right first step for you.
Help to Buy Equity Loan scheme
The Government-backed Help to Buy scheme, designed to help
first-time buyers secure a new home with just a 5% deposit, will end in March
2023 – so make the most of it now while you can. The Help to Buy scheme
provides a 20% loan to first-time buyers, meaning with a 5% deposit, you only
need to secure a 75% mortgage. The scheme is interest-free for the first five
years, and has been hugely popular with the latest data revealing that more than
346,000 homes have been purchased since the scheme’s inception.
No Stamp Duty
Further saving money for
first time buyers, Stamp Duty Land Tax (SDLT) no longer applies for first homes
that cost less than £300,000. Those paying between £300,000 and £500,000 will
pay SDLT at just 5% on the amount of the
Apartments are considerably
more efficient to heat than houses because they have fewer external walls, and
less heat is lost to the floor and ceilings because there are often other
apartments above and below yours. With the cost of living at record highs, and
further increases expected in October 2022, opting for an apartment will mean
you can reduce your monthly outgoings on utility bills.
When you buy your first
home, you want to enjoy hosting your friends and family as opposed to spending
lots of time keeping up with maintenance. An apartment offers low-maintenance
living, with all rooms on a single floor and with communal outdoor space,
rather than individual gardens, you don’t need to worry about buying garden
gadgets or spending your weekends weeding.
Ground Rent Reforms
This year, the UK
Government passed the Leasehold Reform (Ground Rent) Act 2022 which puts an end
to costly ground rents for new, qualifying long residential leasehold
properties. Now, buyers can make the most of this reform at our Oakthorpe
development, where ground rent costs just 1 peppercorn.
Our Oakthorpe development offers a stunning
collection of new two-bedroom apartments with two bathrooms and two parking
spaces combining modern open plan living with traditional exteriors. The
apartments are ideal for first time buyers, offering the perfect
opportunity to take your first step on
the property ladder and set down roots.
Showcasing the very best
in open plan living, the apartments feature an expansive living/kitchen/dining
area, alongside two well-proportioned bedrooms, one of which features an en
suite, as well as a main family bathroom. Not short on space, the apartments
also feature a large, double storage cupboard, ensuring you can keep your new
space neat and tidy. Being in the city centre parking comes at a premium but at
Oakthorpe you will have two parking spaces.
Located within the
bustling city of Peterborough, just minutes from the train station for
commuting and close to the shops and entertainment, making this a great
purchase for your first home.
Prices for a two-bedroom
apartment at Oakthorpe range from £209,950 to £216,950, and Help to Buy is available on all current
Find out more about the homes
available at Oakthorpe, and how Tilia could help you make the move.
To further support first time buyers navigate the property
ladder and what extra support is available, we have dedicated first time buyer hub with helpful hints, tips and guides.