Discover why 'Help to Buy' a new build home has the edge

With the vast majority of people said to be confused by the different schemes available to help homebuyers, Redrow aims to make things simple for Fylde coast buyers.

While more than a third of those who reserved a new Redrow home since July 1 successfully used Help to Buy, research by a money saving website suggests that 71% of people find the Government’s Help to Buy schemes ‘confusing’.

So to ensure buyers understand the options available Redrow is hosting a special Help to Buy event at Whitehill Meadows, between Lytham St Anne’s and Blackpool, this Saturday (November 23). From 11am to 4pm visitors will be given a step by step guide to the schemes with mortgage specialists on hand to offer advice.

Claire Jarvis, sales director for Redrow Homes (Lancashire), says: “Help to Buy is proving popular with customers across Lancashire, including those at Whitehill Meadows, but there is still some confusion about the different types of help available under the scheme and what they mean for buyers.

“The first phase, already tried and tested, is available on new-builds only and offers purchasers an equity loan for up to 20% of the purchase price. They then only need a deposit of 5% and a 75% mortgage to proceed.  The Government-backed equity loan is interest free for the first five years.  Reducing the initial outlay for their new home means customers need a smaller deposit and can look forward to lower than expected monthly mortgage repayments.”

The second phase of Help to Buy, which launched in October, works differently. It is available on all homes, new and second hand, and offers a mortgage guarantee on mortgages up to 95% loan to value.

“The Government will guarantee up to 15% of the loan at a cost to the lender, allowing the borrower to access cheaper mortgage deals and purchase with a 5% deposit. However, only a small number of lenders have currently signed up to this scheme and, of those that have, the interest rates are generally higher than those currently being offered on new-build homes under the first phase of the initiative,” Claire explains.

Both Help to Buy options are available on homes up to £600,000.

“For those purchasing a new home, it will be up to the customer to decide which is the better deal for them – they cannot use both – and then their mortgage adviser and lender will go through the normal checks. If this all sounds too complicated, our friendly sales advisers and mortgage specialists will be available to make it simple on November 23,” Claire adds.

Located on Lytham St Anne’s Way, Whitehill Meadows offers a choice of three and four-bedroom homes from Redrow’s sought after Heritage Collection.

Prices start from £189,995 for a three-bedroom semi-detached Letchworth style property with a well-equipped open plan kitchen and dining room, separate lounge, dedicated laundry area, downstairs cloaks, plus en-suite to master bedroom.

With a Help to Buy equity loan the Letchworth can be purchased for an initial outlay of £151,996, including a customer deposit of £9,500.

To find out more about Help to Buy, visit Whitehill Meadows, Lytham St Anne’s Way, from 11am to 4pm this Saturday (November 23).

For the latest availability and pricing, call 01253 274171 or see


*Survey conducted by of visitors to its website.

    Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established almost 40 years, the company has won numerous awards over the years. Redrow received a 5* Award in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards.  Web: