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A Step Into Homeownership In Peterborough

Posted 3 August 2021 by Keith Osborne

A 'part buy-part rent' deal could get you onto the property ladder at an impressive scheme in the well-connected town...

With lockdown restrictions being lifted, more offices are reopening and after working from home for 18 months, some people are returning to the office at least occasionally and restarting their commute, whether by car or train.

For anyone in East Anglia and the East Midlands looking for a larger home for their budget, while not being compromised on transport links, Peterborough could be the answer. By road, the likes of Leicester, Milton Keynes, Northampton and Cambridge are all under an hour away. By rail, as well as a host of cities, the numerous rail services through Peterborough offer easy access to surrounding towns such as Grantham, and Newark, Huntingdon, Sandy and St Neots.

For those already living in one of these towns, moving to Peterborough might be a step towards reducing commuting time and/or providing a much wider range of destinations directly served from the exceptional links the town offers.

Despite being 80 miles from central London, Peterborough is just 45-60 minutes into King’s Cross on frequent rail services – comparable to Tube service journey’s from outer London stations. While more expensive than travelcards from Transport for London – an annual season ticket from Peterborough to central London can cost around £700-£800 per month – moving here offers an opportunity to make your homeowning budget go further.

Utilising the Home Reach scheme means a further choice of brand new homes become more affordable for those on a modest budget. It’s a chance to ‘part buy-part rent’ and is open to first-time buyers who meet eligibility criteria and is a way of purchasing a share of a new build home (usually starting at 50%) and paying a subsidised rent on the remainder. It’s a way of getting into homeownership with a much smaller deposit and mortgage than purchasing outright. Owners can buy further shares as their budget allows, until they own 100%.

Bayard PlaceBayard Plaza is perfectly placed for commuters as it is located in the centre of Peterborough. it is a collection of two-bedroom apartments which have the benefit of balconies and views across the city – and it offers a luxurious lifestyle to those that live there, as well as being within very each reach of local shops, amenities, places to eat and drink, and leisure facilities.

Jess O’Sullivan, sales manager for agent Savills, explained: “Bayard Plaza occupies a prime position in the heart of Peterborough city centre, ideal for first-time buyers, young professionals or investors.

“It has been designed to meet the needs of a modern lifestyle, with full-fibre broadband speeds of up to 900Mbps, a concierge service, gym, cinema room, air conditioning and secure parking. The central railway station is just a few minutes away.”

Currently on offer here through Home Reach is a two-bedroom apartment with open-plan kitchen/living/dining room, a designer fitted kitchen with quartz worktop and Zanussi appliances, and an en suite to bedroom one. A 50% share of this costs just £93,750 (based on a full market value of £187,500) and requires a deposit of £4,687.50. The estimated monthly cost is £725.

Find out more about Bayard Plaza from Home Reach.

 

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A Guide To Part Buy Part Rent
Part Rent Part Buy is a scheme you can use with Home Reach where you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Find your part buy part rent house today!

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