It’s a good question. Buying your own home can save you a lot of money.
Linden Homes is helping first time buyers get on the property ladder at its Heritage Park development in Radstock, where it can work out cheaper to buy than rent.
Sue Scholfield, sales and marketing director for Linden Homes, said: “For tenants, paying monthly rent to their landlords isn’t just money down the drain, it can actually be more expensive than buying!
“By owning a brand new Linden home your energy bills are likely to be reduced as a result of the energy efficiency features and you won’t get any nasty surprises associated with buying a second hand property, like the need for a new roof or boiler. Owning your home is very special, you can decorate it as you wish, make any changes and it’s a savvy investment for the future.
“There are a number of initiatives available to help with that much needed deposit but it’s the monthly savings that are really impressive.”
In Radstock a typical new two bedroom apartment would cost approximately £650 to rent each month. However, using the government’s Help to Buy scheme to purchase a similar £161,995 home would save over £210 per month!
Adam Champion, an independent expert from New Homes Mortgage Helpline, explained: “Home 183 is a contemporary first floor apartment priced at £161,995. Using Help to Buy, you would only need a five per cent deposit of £8,101. There would be a 20 per cent government equity loan and then you would only require a 75 per cent mortgage of £121,495, which would equate to £434 per month or £100 per week, based on a typical 1.74% two year fixed mortgage over a 30 year term.”
Sue added: “Joining the housing ladder is not just a good investment in the long term but it pays to move in the short term too. We’re very passionate about helping people to achieve that important milestone – if you are uncertain about Help to Buy, we would encourage you to come and talk it through with our sales executives. We have independent financial advisors available to explain the process and offer advice, so you could move sooner than you think, and save money, thanks to Help to Buy.”
To clarify the Help to Buy process Linden Homes has created a new step-by-step animation which gives a simple overview of the scheme.
Heritage Park is a popular development, situated near a nature reserve, in commuting distance to Bristol (just 16 miles away) and Bath (nine miles). There is currently a selection of two bedroom apartments, plus three and four bedroom houses available.
For more information visit the marketing suite which is open daily (except Wednesdays) from 10am to 5pm, off Church Street, Radstock, BA3 3QG. Call 01761 439478 for more details.
Media can contact Emma Mackay on 07738312960 for more information, images and interviews with Linden Homes.
11 October 2017