Redrow is holding a special event to explain the new Government-backed Help to Buy scheme, which makes buying a new home easier to afford with the help of an equity loan.
The introduction of the scheme is great news not just for those looking to buy their first home, but existing homeowners who want or need to move as it reduces both the size of the deposit and mortgage required.
Patsy Aicken, sales director for Redrow Homes (Yorkshire), commented: “We’ve had a brilliant response to Help to Buy across the region. People are really keen to find out more about the scheme and how they can benefit and this weekend we’re inviting them to visit Holtby Gardens. Our friendly, experienced sales consultants will be joined by mortgage specialists who will be able to guide customers through the buying process and explain just how simple and affordable it can be with Help to Buy.
“It’s an ideal way for first time buyers who have saved hard for a 5% deposit to get onto the property ladder as it allows them access to better interest rates usually reserved for people with much larger savings. It can also be used by other groups of purchasers, including those who perhaps don’t have substantial equity in the home they’re moving from.”
Under Help to Buy customers with a 5% deposit will be able to take out an equity loan for up to 20% of the purchase price. They will then only need a mortgage for 75% of the property’s value, which should give them access to some of the better rates usually reserved for those with hefty savings or substantial equity in the home they’re moving from.
For example, a two-bedroom Hexham at Holtby Gardens available on the open market for £144,950 can be purchased for an initial outlay of £115,960 with Help to Buy. The initial outlay includes a deposit of £7,247 and a mortgage for £108,713. The remaining share is covered by the equity loan. The loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Featuring designs from the sought-after New Heritage Collection, homes at Holtby Gardens look traditional from the outside but are bright and modern inside. The high specification offered as standard includes stylish, yet practical kitchens that are well equipped with integrated top brand name appliances; while bathrooms and en-suites enjoy quality fixtures and fittings, with an exclusive tile range.
To find out more about buying a brand new home with Help to Buy, visit Holtby Gardens in Dunswell Road, Cottingham, this Sunday (May 19).
Details are also available by calling 01482 908289 or visiting the website www.redrow.co.uk/holtby.
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.