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Scheme makes city living affordable in hotspot.

Home hunters are being offered an unique opportunity to purchase a property in one of Newport's residential hotspots.

Merlin Studios is a development of 22 modern apartments situated in the popular Rogerstone area to the west of the city. With prices starting from pounds 87,500 and no stamp duty payment required, this is a rare opportunity for first-time buyers, or anybody wishing to re-enter the property ladder, to buy their own home in this desirable neighbourhood.

The stylish two-bedroom apartments come equipped with fully-fitted kitchens and bathrooms and are located near local amenities, while only five minutes drive from the M4 motorway. They also have secure parking.

The apartments are available via a scheme operated by Fairlake Properties (part of the Seren Group) in partnership with Newport City Council.

Under the Newport City Living (NCL) Affordable Home Ownership Scheme, qualifying purchasers can buy a new home at 70% of its value, with the remaining 30% loaned to you by Fairlake. There are no rental payments to be made on the 30%.

This loan will only be paid back upon sale to another buyer or if bought outright by the existing owner. Purchasers need to earn a minimum of pounds 22,000 (single or joint) per year to raise a mortgage for the 70% without a deposit.

Rhidian Jones, home ownership manager at Fairlake Properties, said, "While first-time buyers continue to be priced out of the market in Newport, home ownership schemes like Newport City Living go a long way towards bridging the affordability gap.

"This is a rare opportunity for home-seekers to be able to afford high-quality new homes in a popular area like Rogerstone."

Call Fairlake on 01633 233829 for details of Merlin Studios and the Newport City Living scheme
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Title Annotation:Features
Publication:Western Mail (Cardiff, Wales)
Date:Nov 24, 2007
Words:292
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