Don't Get Priced Out Of This Great City

It was good news for Chelmsford when the Sunday Times included it in its list of top UK cities earlier this spring. Chelmsford, granted city status in just 2012, was praised for its excellent schools, its quality of life, its night life and the fact that it is so convenient for commuters who need to get to the capital.

That is great news for existing home owners in Chelmsford, but perhaps the knock on effect of such an accolade will hit those who want to buy in Chelmsford, but haven’t got round to it yet.

House prices are bound to rise as a result of this kind of attention, which is not such good news for first time buyers in particular. Many people who grew up in Chelmsford tend to want to stay in Chelmsford – it’s that kind of city. But how can they do this if homes are out of their financial reach?

It is for situations like this that the Government devised the Help to Buy scheme, which has been in operation for over a year now.

The Help to Buy scheme* is based on an equity loan from the Government: New home buyers (including first time buyers and home movers) can borrow up to 20% of the property price from the Government without being charged loan fees for the first five years.

Crucially for many people – and particularly first time buyers - the all important deposit can work out as little as 5%. The scheme is eligible for all new build properties up to the value of £600,000.

So for a home priced at £200,000 the Government could lend you up to £40,000 (20%) in the form of a loan that can be paid back at anytime in the next 25 years - and interest free for five years. £150,000 (75%) could come from a commercial mortgage lender. That leaves £10,000 – the 5% deposit that you pay up front.

And there is more good news for Chelmsford residents: Help to Buy is available at Linden Homes’ St John’s development in the city. This new collection of new houses and apartments have been built on the site of the city’s old St John’s hospital and there are currently two bedroom apartments and three bedroom homes available.

Alternatively, you could use the Part Exchange Scheme* where Linden Homes becomes your guaranteed buyer – and takes on the task of having your existing property valued and marketed. With that side of the move dealt with, you can concentrate on buying your new home because you won’t need to arrange viewings of your old home, you don’t need to pay any estate agents fees and there are no brittle property chains to threaten your moving plans.

For more information about Help to Buy in Chelmsford, or for more details of the homes available at St John’s, please call 0844 488 1738.

*conditions apply

-ENDS-

For further information, contact Claire McCowan or Emma Cox at Remarkable Group on 01962 893893.

16 May 2014

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