Updated: Saturday, 26th April, 2008 12:00am

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Innovative mortgage and legal package for first time buyers of Woodlands

DEVELOPERS Seaview Castle Contracts in conjunction with financial advisors Lakeview Financial have announced the introduction of an innovative financial package which will allow first time buyers of its Woodlands development in Ballyjamesduff, Co Cavan, to own their home for as little as €500 per month.

The concept was developed by Lakeview Financial Consultants Ltd to provide the developers of Woodlands, Seaview Castle Contracts Ltd, with an attractive and affordable mortgage package specifically for prospective buyers of their ten remaining four bedroom quality homes. The result has provided a mortgage package which, like the property, is truly turn-key. Purchasers will benefit from the security of fixed monthly payments, with reduced repayments for the first three years through a built-in financial incentive. The mortgage repayments are on a fixed term annuity so mortgage holders benefit from also paying down their mortgage over the three year term as opposed to paying interest only.

The four bedroom houses at Woodlands are designed for the first time buyer looking for a spacious home suitable for starting or growing a family. Three of the four bedrooms are double rooms along with two bathrooms and a wc and the house itself extends to a generous 1388 square feet (129 square metres). The units are priced at just €225,000 which includes fully fitted kitchens with appliances, semi-solid wood flooring and also includes a fully fitted utility room with appliances for added convenience.

Lakeview Financial managing director Conor McGirr said: "The whole concept here is about affordability especially in the first three years of a mortgage when first time buyers have many expenses associated with owning their own home. As a turnkey home with fitted kitchens, bathrooms and wardrobes and the unique financial package which we have developed there is no doubt that the first time buyer at Woodlands is getting real quality and value to help them on their way."

The whole package for the Woodlands development includes special discounted legal fees which means that Lakeview along with the appointed solicitors will do all the legwork so the first time buyer can relax and enjoy the peace of mind that comes with having established professionals working on their behalf.

 "Our main aim is to provide quality built homes with the added extras to give a turnkey finish for the first time buyer helping them to get their feet solidly on the property ladder," said Damien Gribben of Seaview Castle Contracts Ltd.

"It makes sense for us to put a solid professional team in place to make the process easier and more affordable for our customers. When we looked at the rental rates for many prospective first time buyers we realised we could formulate a package which would give them a larger home for less than their existing current monthly rental cost."

The homes come as a turnkey package and have a 10-year Homebond guarantee. The development is located strategically to the town on the main Dublin road only a few minutes drive to the route of the M3 currently under construction. The gardens and the common grounds are landscaped on a now maturing development. Woodlands is designed to offer that little bit extra for the first time buyer and gives them security through fixed monthly payments safe in the knowledge that they are paying their mortgage off into the bargain.

With only 10 homes on offer, any first time buyers wishing to purchase should make enquiries to Sherry Fitzgerald Farrelly Auctioneers at their offices in Oldcastle (049) 854 1410. Show homes open on view from this Saturday and Sunday April 19th and 20th from 2pm to 5pm or by appointment with the agent.