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DEVELOPER Linden Homes has welcomed Budget announcements that the popular Help to Buy scheme will continue until 2020.
Chancellor George Osborne announced the extension to the scheme (which was first introduced last April) as part of budget measures affecting new homes and the construction industry.
The further extension to the Help to Buy 1 incentive – which had already been extended until 2016 - will see an estimated 120,000 sales of new homes during the additional four years.
Here’s how it works:
- The government will lend you up to 20 per cent of the value of your property through an equity loan, which can be repaid at any time or on the sale of your home.
- The Help to Buy (1) scheme is available on new build homes only, worth up to £600,000. A Help to Buy 2 scheme is in place for second hand homes.
- Customers need only a minimum five per cent deposit.
- You don’t have to be a first time buyer to be eligible.
- Buyers only need to secure up to a 75 per cent mortgage from a bank or building society.
Linden Homes (North) sales director Steve Woomble said: “The extension of the Help to Buy scheme is a positive move for people who are looking to step onto or move up the housing ladder to a brand new home.
“Help to Buy has been hugely popular and successful across our regional developments since its introduction a year ago, with numerous customers benefiting from the financial help it offers.”
Among those are Mike Williams and Faith Badham who recently moved out of rented accommodation and into a brand new place of their own.
The first time buyers – who plan to get married later this year - used the popular Help to Buy scheme to secure their dream property.
Faith said: “We had the deposit to use the Help to Buy scheme which allowed us the flexibility to deal with our finances ourselves, and take advantage of the five years interest-free government contribution. As we are due to marry later this year, we decided it would be a better option for us in terms of saving up for the wedding.”
For more information on Help to Buy, visit http://www.lindenhomes.co.uk/offers-incentives/help-to-buy/
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.