House hunters can save hundreds of pounds each month with current rates on Help to Buy
Property hunters in Essex are being encouraged to make the most of impressive interest rates while they last. The advice comes further to Bank of England Governor Mark Carney’s warning advising interest rates could rise as early as the turn of the year.
Linden Homes which has a number of sites across the county of Essex is encouraging local people who are thinking about moving, to seize the moment and secure a low rate, affordable mortgage.
Adam Champion works for independent financial advisor, The New Homes Group. He explained: “The market has literally never been so good for the people of Essex. Interest rates are at an all-time low but are only set to stay for a short amount of time. These rates coupled with Help to Buy make a new home purchase so much more affordable than people realise. Better still, buyers now have the opportunity to lock down a mortgage for the next couple of years to take control of their finances and live in some real desirable locations across the county.”
And according to The New Homes Group, these benefits apply across the whole market. Adam explained: “Looking at the numbers on Help to Buy, for the lower end of the market, compared to five years ago buyers securing a mortgage for £200,000 are now approximately £230 better off each month, for the first two years of their mortgage. Similarly for those buying more expensive properties on Help to Buy at just under half a million for instance, could be saving over £450 per month in the first two years.”
Help to Buy, which was launched back in April 2013, applies to a range of potential purchasers including first-time and next-time buyers on properties up to the value of £600,000. Buyers are required to provide just a 5 per cent deposit to then borrow a further 20 per cent from the Government in the form of an equity loan. Buyers then only need a 75 per cent mortgage agreed by their bank or building society to secure their home.
Linden Homes Eastern’s regional sales and marketing manager, Roseanne Bullen commented: “Buyers are far savvier these days and with so much in the press about the housing market, people want to understand how their monthly outgoings are going to be affected if they buy. The numbers speak for themselves: we have seen how the current rates can really make a difference to people’s monthly bills. If you are considering moving then we would urge you to do so as soon as you can this year, as this current healthy climate is unlikely to stay.”
The people of Essex have an opportunity to secure a home with these impressive rates at any of the Linden Homes developments across the county, which also offer Help to Buy.
The collections of homes include St Johns and Beeches Crescent in Chelmsford, Corinthia Mews in Burnham-on-Crouch, Northfields in Colchester and Edge in Harlow.
Media can contact Emma Cox or Fotini Efstathiou for more information, images and interviews with Linden Homes.
References to “we”, “us” or “our” are to the part of the Vistry Group (including Linden Homes, Bovis Homes, Countryside Homes, Drew Smith, Vistry Ventures or one of Vistry’s joint venture companies) from which you are intending to purchase a new home. References to "you” and “your” are to the prospective buyer or buyers of a new home from us.
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