The Government-backed scheme allows customers buying a new home to take out an equity loan for up to 20% of the purchase price, thus reducing the size of their mortgage and meaning they only need a 5% deposit.
The availability of Help to Buy, coupled with the Bank of England’s pledge to keep interest rates low for the next three years, is thought to be behind recent improvements in the housing market.
Developer Redrow is one of the homebuilders offering Help to Buy and it’s available on all of its new homes at Birch Grange in Wardle, near Rochdale. This Saturday (October 19) Redrow is hosting a special event to guide customers through the scheme.
“Surveyors say the number of homes sold last month was the highest since November 2009, in part because of Help to Buy. They’re also reporting increased demand and this reflects what we’re seeing across the region, including at Birch Grange as people look to maximise their purchase power using Help to Buy,” says Claire Jarvis, sales director for Redrow Homes (Lancashire).
“Unlike some of the other Government schemes, Help to Buy isn’t limited to first time buyers; it can be used by families looking to trade up to something bigger - provided they have sold their previous home.”
Current availability at Birch Grange includes three and four-bedroom homes from the sought-after Heritage Collection. Prices start from £179,995 for a four-bedroom Kenilworth, set out over three floors. Factor in Help to Buy and the initial purchase price is only £143,996. The balance is covered by the 20% equity loan, which is interest free for five years and can be repaid when the customer has more funds available or comes to resell.
“Because the home owner is taking out a smaller mortgage, the lender doesn’t demand such a big deposit and their monthly repayments should be less than expected,” Claire explained.
Located in Birch Road in Wardle, Birch Grange is set in an established residential area. Close to Wardle High School and with a choice of primary schools nearby, it’s well placed for buyers with children. Local amenities include a library and shops including a butcher and a bakery.
To find out how you could use Help to Buy to purchase a property at Birch Grange, visit the sales office and showhome from 11am to 4pm this Saturday (Oct 19).
For more information call 01706 551041 or see www.redrow.co.uk/birch.
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 New Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established more than 35 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: www.redrow.co.uk.