Make your money go further with Help to Buy
House prices are expected to continue to rise in 2014 but savvy buyers could see their money go further with Help to Buy.
Average UK house prices rose by 7% in the first 11 months of 2013 and various experts are predicting further increases in the year ahead. For example, both the Royal Institution of Chartered Surveyors and mortgage lender the Halifax, have suggested prices will rise by 8% this year.
With that in mind, buying now with a Help to Buy equity loan could be seen as a prudent move. In North Manchester, for example, it could reduce the initial cost of a brand new Redrow home by tens of thousands of pounds.
Buyers will be able to learn all about Help to Buy with a visit to Woodville Gardens and Hanson Gardens in Moston this Saturday (January 18).
Claire Jarvis, sales director for Redrow Homes (Lancashire), says: “People may not realise that unlike previous Government assistance schemes Help to Buy equity loans aren’t restricted to first time buyers – they can be used by those who want to move up the housing ladder too.
“For those buying a three-bedroom home at Woodville Gardens the equity loan could reduce the initial price by almost £30,000, which is a considerable saving. Purchasers using this scheme should only need a 5% deposit and can look forward to lower than expected monthly mortgage payments. And if prices increase as experts are predicting, those who buy now could see the value of their new home rise, suggesting that a new home is a good investment in your family’s future.”
Between them Hanson Gardens, off Lightbowne Road, and Kenyon Gardens, on Ashville Terrace, offer a good choice of two, three and four-bedroom homes, including designs from the sought-after Heritage Collection.
Prices start from £104,995 for a two-bedroom Evesham style property at Hanson Gardens. Factor in a Help to Buy equity loan and the initial cost is reduced to just £83,996, including a 5% customer deposit and 75% mortgage.
For those who want somewhere larger, a three-bedroom Tarn at Woodville Gardens is available from £147,995; or £118,396 with Help to Buy. The remaining 20% is covered by an equity loan, which is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Inspired by the architecture of the Arts and Crafts era, the properties at both Hanson Gardens and Woodville Gardens look very traditional from the outside. Inside, however, they are bright and modern with well equipped kitchens, stylish bathrooms and a host of energy efficient measures so that buyers should also save on their fuel bills.
To find out more about Help to Buy visit Hanson Gardens, or Woodville Gardens from 11am to 4pm this Saturday (January 18)
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 and 2013 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.