Get more for your money with Help to Buy
Buyers are making their money go further thanks to the Help to Buy equity loan scheme. Here at Russell Homes we’ve seen more than 60% of all our buyers using the scheme since it was launched in 2011, with many people securing a bigger property than they thought possible says Gill Richardson, Russell Homes sales manager.
One of the many great things about Help to Buy is the fact that it is there to help everyone, not just first timers. As long as it’s a new build property valued under £600,000, Help to Buy can be applied. This is allowing many buyers moving up the property ladder to skip a step and get that extra bedroom or separate living space they perhaps didn’t realise they could afford.
Growing families are among those to really feel the benefit, where an extra bedroom could mean the kids no longer have to share or there’s finally space for guests to stay over. Help to Buy is also making luxury living affordable like never before, and we are seeing it being used to make the move to our premium developments in Holmes Chapel and Norden.
Providing a loan for up to 20 % of the purchase price, Help to Buy means people can get a much better value on their mortgage agreement. For example, at our exclusive Norden development, exquisitely located overlooking Greenbooth Reservoir, a three-bedroom Gilson can be secured with a mortgage of under £200,000. Many wouldn’t even consider this possible for a development surrounded by open countryside, accessed by a private road, and where some neighbouring properties are on the market for over £600,000.
In fact, half of all buyers at Greenbooth Village have used Help to Buy, including those purchasing our huge five-bedroom properties, such as the stunning Kershaw with a vast living space and double integral garage, where the equity loan would save a buyer almost £118,000 in up-front costs. It’s amazing what we’re able to show people they can achieve when we tell them about Help to Buy.
This is great news for the local property market too, as one family’s move up the ladder releases smaller properties back onto the market for others at an earlier stage in their home-buying life.
We have also seen how life changing the scheme has been for many first-time buyers who have been able to escape the rent trap thanks to this much needed assistance, and finally purchase a home of their own.
Probably the biggest investment most of us will ever make, buying a dream home felt out of reach for so many for so long. But with Help to Buy there are finally options opening up.
And the scheme only requires a deposit of 5%, which is significantly more achievable at any price range than the 20 to 25 per cent typically needed to be found for a second-hand property.
To find out more about Russell Homes properties available to purchase with Help to Buy visit RussellHomes.co.uk and for more information on the Ts & Cs and how to apply for Help to Buy contact the Russell Homes sales team on email@example.com