Case Study – Young professionals given REAL Start onto the property ladder

 
 

 

Case Study

Case Study: For Ringo Tan, 30, and his wife Liang, buying one of the REAL homes at the Sydney Road development in Sutton was the perfect way to get on the property ladder.

Ringo, a civil engineer, and Liang, an account manager, both prefer contemporary properties and so were ideally looking to buy a newbuild property or one recently refurbished. When they came across Sydney Road they were very impressed by the modern design and high quality finish of the homes. Ringo comments, “We had been looking to buy a property since March when we found Sydney Road in the summer. The layout struck me as being very modern, in fact it was a step up from any other newbuilds we had seen. What’s more, the overall quality and finishes of the build are very high. We bought a penthouse apartment which has lovely high ceilings and gives the property a great feel. We are really looking forwards to exploring our new life in Sutton and getting to know our new neighbours”. Sydney Road is a small development of 19 new homes on Sydney Road in Sutton, built by REAL, the regeneration arm of the Rydon Group, and is committed to assisting first-time buyers get on the property ladder with its REAL Start scheme. Properties purchased by first-time buyers through REAL Start will be funded by two loans – the first provided by a mortgage lender and the second, which is interest free to a maximum of 15%, by REAL. Purchasers will own 100% of the property from the start but will only need to borrow 85% from the mortgage lender. Interest is not payable on REAL’s loan, but it must be paid back in full within 10 years or if the property is sold, whichever happens first. Ringo and Liang, who were previously living in Croydon, bought the two-bedroom property for £230,000, assisted by REAL who paid legal fees. The modern studio, one and two-bedroom homes at Sydney Road are adjacent to West Sutton railway station.  Sutton town centre, with a wide range of shops, restaurants and pubs, is just a ten minutes walk away.   Sydney Road is over 50% sold out including all studio apartments. Prices for the remaining properties start from £173,000; however if the property is bought through the REAL Start scheme the amount a buyer needs to raise a mortgage against is just £147,050.  

 
 

 

Cooking a Meal - First Home

Cooking a Meal – First Home

For more information, please visit the show home at Sydney Road between 10am to 5pm from Thursday to Monday or alternatively, contact REAL on Tel: 0800 1 300 625or visit: www.realwebsite.co.uk


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