Young professionals looking to take their first step on the property ladder are receiving free, tailored advice from financial property experts at workshops held in central Cardiff.
St David's Partnership, the developers of Hayes Apartments, the new luxury apartment scheme in the heart of Cardiff above St David's, are hosting a series of first time buyer workshops at their marketing suite on St Mary Street throughout the summer.
Designed to help those looking to buy a home for the first time, the events are being run in conjunction with independent mortgage experts from Thomas George Finance who talk clearly to first time buyers about their options and answer any queries they may have about the financial implications of taking out a mortgage and the home-buying process.
Everyone who attends also learns how a new initiative from St David's Partnership could help them take their first step on the property ladder at Hayes Apartments owning 100% of their home from the outset.
Recognising that the biggest challenge for those looking to get on the property ladder is raising the large deposit required by most mortgage lenders, St David's Partnership is offering to loan up to 25% of the value of the property purchased at Hayes Apartments, interest free for up to 10 years, through its new shared equity initiative. This provides the required deposit, so buyers can get a mortgage for the remaining 75% of the apartment and then pay back the loan after 10 years or when they sell - whichever comes first.
As director of Thomas George Finance, Gareth Cross, explains, the workshops have been designed to help first-time buyers through the maze of purchasing their first home and to provide tailored advice for each individual.
''Many first-time buyers believe that renting is their only option in the current climate, but these events are intended to show them that owning a property is not necessarily out of their reach and that the process is not as frightening as they might think.
''With most mortgage products, young people are able to ask for advice from their parents or friends but as shared equity is a relatively new concept, there is a general lack of understanding about it. We are keen to explain the product as clearly as possible without bombarding anyone with financial jargon or pressurising them in any way.
''The first-time buyer workshops are for us to provide specific advice to those looking to buy a home, based in each individual's circumstances.''
Jan Eldridge, residential sales and marketing manager at Hayes Apartments, said the workshops were proving very popular with young professionals in the city.
''St David's Partnership has recognised that some first time buyers do need a helping hand, so we decided to host these workshops to clarify the home-buying process for those thinking about purchasing a home.
''We have already held a number of these friendly informal workshops with small groups, and have been very pleased with the feedback we have received. They allow prospective first time buyers to ask any questions they may have about the complexities of buying a property in a relaxed environment without any pressure to buy an apartment or sign up for a mortgage.
''Our new shared equity plan makes the possibility of acquiring a high-specification property in the most desirable location in the heart of Cardiff much more accessible - a fact which has pleasantly surprised most of the people who have attended so far and they have left the workshops feeling much more positive about the prospect of stepping onto the property ladder.
Hayes Apartments offers a selection of properties ranging from studios through to one and two bedroom apartments and spacious duplexes, all boasting penthouse standard specifications. Situated above St David's, the new development will provide 304 new luxury homes high above the city centre. In addition to a superb landmark location, Hayes Apartments will also offer expansive rooftop courtyard gardens available for the exclusive use of residents. Combined with excellent views across the city and beyond, these homes will offer a truly unique proposition.
Jan continued, ''The development offers real value-for-money for buyers. Each apartment is fitted out to penthouse standard with essential items which many developers charge extra for, including fully integrated appliances, superior quality wardrobes and hardwearing flooring.''
Prices at Hayes Apartments start from £99,950 for a studio apartment. A range of one and two bedroom apartments are also available, many with terraces, balconies and luxurious en-suite bathrooms.
For more details on individual prices and dates for the first time buyer workshops, visit the show apartment at the marketing suite in St Mary Street, Cardiff, call 029 2066 6693 or visit www.hayes-apartments.co.uk. Spaces are limited so email info@hayesapartments.co.uk to reserve your place.
Notes to editor
Shared Equity scheme
This offer provides you with an interest free loan of up to 25% of the value of your chosen property. The 25% deferred value will be repayable by the purchaser at the time of re-sale or 10 years from the date of completion of the purchase, whichever is sooner. The remaining 75% of the contractual price must be paid on completion. The 25% deferred payment must be secured by a charge over the property. Your home may be repossessed if you do not keep up the repayments on any mortgage secured on it. Further terms and conditions apply.