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First time buyers have a fantastic opportunity to live at the exclusive £200m RiversideOne development for less than £42 per week thanks to an exciting initiative being introduced by developer BioRegional Quintain.

But interested potential buyers will have to hurry. Only 30 apartments currently being constructed within the development’s first residential building are available under this scheme. The first lucky 30 applicants must pre-register now to be qualified for sales which will take place in January 2011.

Paul Hogarth, BioRegional Quintain’s head of residential sales, said: “The scheme we’re introducing is called the First Time Buyer Initiative (FTBI). It is Government-backed and has been created to help those people seeking to get on the property ladder who have found themselves priced out of the housing market. Its introduction at RiversideOne will enable first time buyers to become part of what is rapidly developing into a vibrant new district of the town in which to live, work and relax.”

There are various qualifying criteria for the FTBI scheme and BioRegional Quintain is able to offer help and advice to potential buyers to make sure they meet them. Those who are eligible must take out a mortgage which, along with any deposit, must make up a minimum of 50% of the full purchase price. In return the Government will assist with up to 50% of the full purchase price and then has an entitlement to the future sale proceeds equal to the initial percentage of contribution.

Studio, one and two-bedroom apartments are available at RiversideOne under the scheme for the lucky few who will live there for under £42 per week. Based on a purchase price of £79,995 for a studio with a five per cent deposit, a 30 year repayment mortgage over a two year fixed rate and a 50% equity share, the monthly mortgage cost will be £187.92 or £41.29 a week. Similarly, a one bed purchased for £96,995 will cost £50.01 a week and a two bed bought for £121,995 will be £62.85 a week.

Once complete RiversideOne will be the UK’s largest zero carbon development and comprise 750 homes located in 15 buildings. A show apartment is located within the marketing suite at RiversideOne demonstrating both the excellent level of specification available and quality of building materials being used within the first residential building, which is called CIAC (Community in a Cube).

Paul continued: “The show apartment gives visitors a clear understanding of the properties that we are currently building with CIAC. The homes that we are creating here will redefine what people think of as an apartment.

“We’re creating stylish, modern living spaces which will be unlike any other and with the FTBI initiative we’re providing people with the opportunity for their first home to be one which delivers the highest standards of design, functionality and sustainability.”

The show apartment features a fully-fitted contemporary kitchen which, in line with BioRegional Quintain’s sustainable principles, has integrated energy efficient appliances. It also has a living and dining area, bedroom and bathroom all decorated in a fresh, contemporary style to give visitors a genuine feel for the homes that are available to them at CIAC and the wider lifestyle that RiversideOne will provide.