Stephens + Stephens Group, creators of high-end properties exclusively in the Duchy of Cornwall, is launching a new initiative for its One Pentire apartments in the coastal town of Newquay. Open to all buyers who require a mortgage – including residential buyers as well as investors – Stephens + Stephens will offer a mortgage contribution, covering the payments of up to one year*.
Interest rates are continuing to rise; in 2022 mortgage rates increased at a record pace, with the 10-year fixed mortgage rate doubling between March 2022 and December 2022[1]. However, industry experts predict the base rate will be reduced to 3% by the end of 2024 and to 2.5% by the end of 2025[2], with mortgage rates following the same trajectory. Good news for buyers and those renegotiating mortgages. By offering a one-year mortgage contribution during a period of higher mortgage interest rates, the support from Stephens + Stephens could significantly help buyers during the first year of ownership and uncertainty of the next 12 months.
Due to complete in Autumn 2023, One Pentire, situated in The Fistral Bay area, comprises of nine beautiful penthouses and 65 exclusive studio, one, two and three bed apartments across six floors in total (Lower Ground, Ground, First, Second, Third and Penthouse), as well as expansive underground parking for all apartments with lift access to each floor. Stephens + Stephens’ celebrated new-wave style with elevated luxury and style-driven longevity throughout One Pentire.
The mortgage contribution will be available on the purchase of all remaining 45 apartments. With Cornwall continuing to be a hot spot for buyers, and with prices in Newquay 1% up on the previous year and 10% up on the 2020 peak[3], Stephens + Stephens hopes the extra incentive will open the door to more local residents, those looking to make Cornwall their permanent home, and investors in the area.
Helen Stephens, Creative Director at Stephens + Stephens, says: “Cornwall is a truly unique area full of benefits for those looking to either move full-time, purchase a holiday home, or invest in the area. From the benefits of finding your blue mind to reaping the benefits of living by the sea, who wouldn’t want to own a little slice of Cornish paradise?
“At Stephens + Stephens, we want to enable more people to have the opportunity to do just that. At a time when mortgage rates are rising alongside other daily costs, we want to empower buyers to make the decision to purchase either their next home or their next investment opportunity and relish in the benefits of living the Cornish life + style.”
*Terms and conditions apply for the mortgage payment and are only applicable to the remaining One Pentire apartments. Stephens + Stephens always advises buyers to take out independent financial advice.
[1] https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/
[2] When Will Interest Rates Start to Fall?, This is Money, April 2023
[3] English and Welsh house price data is publicly available information produced by the HM Land Registry. Updated on 15 March 2023.
