Move To A Brand New Home With Just A Five Per Cent Deposit
29 Oct 2012

IF as a first time buyer or an existing homeowner you think a brand new home is out of your financial reach – then think again.

Requiring just a five per cent deposit, NewBuy is a government-backed scheme aimed at bridging the gap for people who have previously been unable to buy their first home or move house.

Linden Homes is successfully running the NewBuy incentive at its developments across Cambridgeshire, Leicestershire, Lincolnshire, Nottinghamshire and Northamptonshire.

And with latest research suggesting that first time buyers face a 10-year wait to step onto the housing ladder,there has never been a better time to take advantage of NewBuy.

According to a study carried out by Post Office mortgages, most FTBs believe they will be 35 years old before they are able to buy their first home – with raising a deposit the biggest barrier.

However, a number of customers have already taken advantage of the NewBuy scheme and have settled into their new home after curbing the cost of moving or getting onto the first rung of theproperty ladder.

This includes first time buyers, teacher Katie Korniotis and plumber Austen Diaper – who have recently moved into their new three-storey townhouse at Linden Homes’ Longstanton development in Cambridgeshire.

Both were living with their parents in the local area whilst saving for a deposit on their first home together.

Katie said: “The scheme was fantastic, and raising a small deposit meant that that a new home became an instant reality for us. Linden Homes were also able to assist us in arranging our mortgage which meant the whole process was completely hassle and stress-free.

“It took just 28 days from reserving our home to moving in – and we are delighted with it.”

Here’s how the NewBuy scheme works.

  • Either those stepping onto the housing ladder or existing home owners need just a five per cent deposit to secure a home up to 500,000.
  • Linden Homes will work in partnership with major High Street lenders to secure a 90-95 per cent fixed rate mortgage.
  • New homebuyers wishing to take advantage of the scheme will need to qualify for a mortgage with a mortgage lender – which Linden Homes can arrange.

And there are numerous other benefits to buying a brand new home as opposed to second hand one.

  • Less maintenance - old homes may have more character but they may also need more costly things doing to them, which could see the owner shelling out for things like new guttering, replacement windows or extra roof insulation.
  • Energy efficiency. New homes are well insulated, and include double-glazing as standard, making them cheaper to run than older homes. All new homes are fitted with a water metre. Studies show that new homes are on average four times more energy efficient that older homes, so producing lower energy bills.
  • A blank canvas  - you can usually determine colour schemes, choose kitchen units, bathroom suites and matching wall tiles, you can even pick your own carpets and curtains.
  • An insurance-backed 10-year warranty from the National House Building Council (NHBC).

-ENDS-

For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk

All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales consultants for details of the exact specifications available at the development(s) for each type of home and the associated prices.