Redrow Incentives

Sparx

Update chaps! The missus and myself went in to our local Redrow lot to have a look around and see what costs are etc as it stands..

As you said welshwizard, as standard they provide most white goods (oven, hob, microwave, etc), bathroom shower/guard, mirrors, lawn, etc.

The house we want, they have only built 2 which are due to be finished in less than 3 months. We will never (unless we win the lottery) be able to have the money saved by then. She said they are only building 2 of these out of the entire lot for some reason. But said the future lots are subject to change and said her current printed plans have already changed a little here and there.

But she said she'd let me know if any changes were made in our favour about the house we'd like. Although there are 1 or 2 others we'd love. 1 is cheaper but lacks a garage, en-suite, etc. The other is £30k more!! But is a detached and is much bigger.

She said if we use the NewBuy 95% scheme we can get some good rates still, but the mortgage would be more and the only extras they could chuck in would be carpets.

However she said if we came in with a 10% deposit it's a whole new ball game. She went on to say that she could provide things like a 5% gifted deposit, full carpets, landscaped garden, stamp duty paid, few other extras, etc all chucked in too.

This was all talking for the future, an off plan property! She said we could get all of the above, plus pick our kitchen furnishings; tilings, cupboard, placement of everything, etc. Even the small things like locations of plug sockets, Sky aerial cable location, etc.

There houses are fantastic compared to Linden Homes who we looked at earlier today as well. Linden's were lovely, but Redrow was on a whole new level and barely much more expensive (10k max difference in comparison)!!

She showed me the whole area's development plan; the old, current and future plans (the last phase which is due next). The last phase is due to begin work nearer the end of this year, due to be completed (fully) in the next 2-3 years roughly. So we would probably (assuming we go ahead with Redrow, more than likely!) we will end up buying a house off this new phase, the last ones (around 150 homes).

So essentially we explained we'd love to save 10% and will have this by Christmas. So we will probably be in touch again around end of this Summer to see what the plans are for the next phase we want to buy from hopefully.

Far too excited.. Wish it could all happen now for us..

welshwizard1927

That's interesting. We have our eye on a Redrow that isn't selling for some reason (plot backs onto a new primary school). Was thinking about going in with an offer 10% less than asking price and see what they come back with.

Always worth looking at older properties, though. We did have our hearts set on Redrow until we saw how big gardens were and how much character you could get for an older property, and paying less too.

Sparx

Yes, very true for most areas.

However in my town the cost of a similar 3-bed semi/detached property is the same price as a new build home! Bit of a no brainer really for me to ensure my future investment that I hope to live in forever - is fully updated to current building regs meaning hopefully minimal/no work needed structurally for many years to come, modern look, well insulated, etc.

I love the concept of 'new' houses, lots of nice things chucked in, no one else has had it before. Just my anal thinking really, the missus follows my wave length so it's all good.

tim123456789

brit1234 wrote: »

Can't they put all the gift deposit, fees and goods all off the asking price instead so you can get a better mortgage rate.

After all you are not being given these items but paying for them in an overvalued property.

They can.

But that will show up as the price paid in LR details and then everybody will want it

jellie

Sparx wrote: »

Yes, very true for most areas.

However in my town the cost of a similar 3-bed semi/detached property is the same price as a new build home! Bit of a no brainer really for me to ensure my future investment that I hope to live in forever - is fully updated to current building regs meaning hopefully minimal/no work needed structurally for many years to come, modern look, well insulated, etc.

I love the concept of 'new' houses, lots of nice things chucked in, no one else has had it before. Just my anal thinking really, the missus follows my wave length so it's all good.

I agree - this one and my last house were brand new (both off plan), and can't remember what it's like to live somewhere that someone else has already changed to their taste.

I imagine I would need to change pretty much everything (kichen/bathroom/floor and wall coverings). Not cheap.

Good job we're not all the same though.

droiderm

How many lenders do new builds on 90% LTV?

lee111s

I think they would have a 15% as the above post mentions that they can get a 5% gifted deposit if they have a 10% deposit.

bclark

Sparx wrote: »

However she said if we came in with a 10% deposit it's a whole new ball game. She went on to say that she could provide things like a 5% gifted deposit, full carpets, landscaped garden, stamp duty paid, few other extras, etc all chucked in too.

This was all talking for the future, an off plan property! She said we could get all of the above, plus pick our kitchen furnishings; tilings, cupboard, placement of everything, etc. Even the small things like locations of plug sockets, Sky aerial cable location, etc.

We have been dealing with Redrow recently, in fact we just reserved a house (their new houses are lovely, block internal walls etc) with them.

I would be a little cautious about the incentives being chucked about there as its very unlikely that they will all be offered, maybe one or two of those listed and would also be dependent on you paying the asking price on the house.

Also just remember that the other little extras can come at a cost too although I have to say they are incredibly helpful and flexible so far.

Sparx

droiderm wrote: »

How many lenders do new builds on 90% LTV?

None as it stands, unless you use NewBuy but that's a different story.

lee111s wrote: »

I think they would have a 15% as the above post mentions that they can get a 5% gifted deposit if they have a 10% deposit.

Correct.

bclark wrote: »

We have been dealing with Redrow recently, in fact we just reserved a house (their new houses are lovely, block internal walls etc) with them.

I would be a little cautious about the incentives being chucked about there as its very unlikely that they will all be offered, maybe one or two of those listed and would also be dependent on you paying the asking price on the house.

Also just remember that the other little extras can come at a cost too although I have to say they are incredibly helpful and flexible so far.

Sounds good. The incentives yes we will be very precise with what we ask for, what is written, etc when we agree to anything when it comes to reserving and buying anything from them.