FIRST-TIME BUYER’S DREAMS OF HOME OWNERSHIP COME TRUE WITH THE HELP TO BUY SCHEME
This is a typical story of a young home-buyer. Daniel, a 25-year-old primary school teacher from Sussex, thought he would never be able to buy his own home. On leaving college, he rented with friends before eventually returning home to live with his parents, while trying hard to save up the deposit needed to purchase. It was proving a long and slow process, and Daniel thought his dream of home ownership would never come true.
Then he discovered the Help to Buy scheme, which gives buyers the opportunity to purchase a new home with a deposit of just 5%. Buyers can access up to 20% of the purchase price in the form of an equity loan from the government, which is interest-free for five years. Daniel immediately took advantage of the scheme, and was able to buy with a 75% mortgage.
The Help to Buy process was simple, starting with Daniel registering on the Help to Buy website and being accepted onto the scheme. Then, knowing he had qualified for the 20% equity loan and had obtained his Help to Buy reference number, he started his property search with new developments that were offering the Help to Buy scheme.
Julie Frith, Mishon Mackay New Homes Director, commented: “The Help to Buy scheme addresses some of the real problems that prospective new homes buyers face. It’s great to see buyers like Daniel going through the scheme and getting the keys to their new home.”
The Help to Buy scheme is available to assist buyers who have a minimum of 5% and a maximum of 55% deposit. To be eligible, buyers must be taking out a mortgage and be purchasing property of up to £600,000. The government then offers an equity loan of up to 20%.
Mishon Mackay New Homes is currently marketing several developments that are offering the Help to Buy scheme, and the team will be delighted to discuss your options and assist in any way.
The Sunset development in Peacehaven is one such development, with ten eco-friendly apartments set upon the cliff-tops. These properties are also now exempt from stamp duty for first-time buyers, making them an ideal first step on the housing ladder.