With Help to Buy reservations across England now exceeding 12,500, it’s time for Telford homebuyers to get in on the act.
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 Trenchwood Gardens, in Telford.
“Consumer confidence is on the up, with the Royal Institution of Chartered Surveyors recently reporting that the West Midlands had seen some of the highest level of interest among buyers for 14 years,” Pauline Turnbull, sales director of Redrow Homes (Midlands) commented.
“Certainly we are seeing lots more interest in our new homes and many people are looking to maximise their purchase using Help to Buy. 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 Trenchwood Gardens comprises four-bedroom detached Heritage Collection homes from £184,995 to £224,995. Smaller two and three-bedroom homes will be available soon.
The four-bedroom detached Stratford with en-suite to master bedroom is on the market for £189,995 but factor in Help to Buy and the purchase price is only
£151,996. 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.
“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,” Pauline explained.
Close to all the shops, services and leisure amenities of Telford, Trenchwood Gardens is great for families. Proximity to the M54 also makes it good for commuters.
To find out how you could use Help to Buy to make owning a new home easier to afford, visit Trenchwood Gardens in Sommerfield Road, open daily from 10am to 5.30pm. Details are also available by calling 01952 371 343 or online at www.redrow.co.uk/trenchwood.
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.