Second steppers say rising prices have had a positive impact on their ability to move up the housing ladder and with Help to Buy available they could find that their money goes further.
While a report from Lloyds Bank says most second steppers are no longer trapped in negative equity, many still see raising a deposit as a barrier to moving. But those who purchase a new home at Aston Fields in Shifnal with Help to Buy should only need a relatively small deposit of around 5%.
Provided their existing home is sold subject to contract they could still be eligible for the government scheme.
Pauline Turnbull, sales director for Redrow Homes (South Midlands), explains: “Rising prices and an increase in first time buyers have increased confidence amongst first time sellers looking to move up the property ladder. However, while their equity position has certainly improved, in many cases they still face a shortfall in being able to achieve their dream of a owning a new home, especially if they want a detached property. That’s where Help to Buy can assist – reducing the initial cost of their next home by 20% and requiring only a 5% deposit.
“Of course they must have sold their existing property before they can take out a Help to Buy equity loan but we may even be able to help them with that too via our Mastermove service.”
Aston Fields offers a choice of three and four-bedroom homes from the sought-after Heritage Collection, with prices from £229,995 for a three-bedroom semi-detached Letchworth.
A four-bedroom detached Shrewsbury usually costing £264,995 can be snapped up for an initial outlay of £211,996 with Help to Buy.
The lower price includes a customer deposit of around £13,250 and 75% mortgage from the customer’s chosen lender. The remaining 20% is covered by the Help to Buy equity loan, which is interest free for five years.
The Shrewsbury features a spacious lounge to the front, with an open plan kitchen/diner and family room to the rear. There’s also a handy utility and convenient cloakroom.
Upstairs, all four bedrooms are generously proportioned. The master bedroom benefits from an en-suite, with the remaining bedrooms sharing the family bathroom.
Located on Aston Street, Aston Fields is ideally situated on the edge of Shifnal, less than 500 metres from the main shopping area of Bradford Street. The M54 is within a mile, making the homes a perfect commuter base.
To find out more, visit Aston Fields, where the sales office and showhomes are open daily from 10am to 5.30pm. For the latest availability and pricing call 01952 324195 or see www.redrow.co.uk/aston.
Established more than 40 years, 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. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the WhatHouse? Awards 2014, the 2014 Building Awards Housebuilder of the Year and five consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey. Redrow also collected the award for best marketing initiative at the 2014 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence.