Since the second phase, known as The Foundry, was launched this winter, nearly two thirds of the properties, 68 one- and two-bedroom apartments, have sold. Rachel Magenheimer, sales manager, says a mix of investment buyers and owner occupiers have been drawn by the urban village concept. It’s not just an apartment they’re buying; it’s part of a wider masterplan with public open spaces and landscaped courtyards, which really will revitalise this quarter of Manchester. They will receive 50 per cent after the first eight weeks, then full interest may be repaid after 18 weeks. Remember, even if you have MPPI, you still have to meet general living expenses, utility bills, car running costs, insurance premiums and so on in case of sickness or redundancy.
The apartments themselves also have a high specification and are well designed, with a clear emphasis on living space. One of those buying, with her husband, is Danielle Richards, a conference organiser in her mid-20s. We have boxes of leaflets about new flats but were disappointed with the quality of many of them. This has been beautifully finished. Apart from the flat, our priorities were to be near the shops and station.
We also like the plans for the village, particularly the small shops with a doctor and dentist. The Taylor Woodrow scheme includes the listed Macintosh Mill, which will be refurbished, two 21-storey residential towers designed in scale with the mill building; and the Green Building, among the most advanced environmental buildings in Britain. Business Analytics The mixed-use scheme will provide nearly 50,000sq m of residential accommodation laid out as a mix of 710 apartments, penthouses and live/work units, with nearly 3,500sq m of commercial space.
But it also has its drawbacks policies are expensive, cover is limited, and it may let you down when you claim. There has been a concerted campaign by the Government, mortgage lenders and insurers to persuade homeowners to take it out, and the push seems to be working.Overall, one in five homeowners around 2.2 million people have MPPI, and almost one in three new mortgages are covered. Sales are also likely to rise further, with a target of 55 per cent of MPPI-covered homeowners by 2004.