At the beginning of the month a new weapon was installed in the armoury of those trying to buy a new home: The Help to Buy scheme was announced by the Chancellor in the March budget and came into force on April 1st.
It may have been introduced on April the first, but this is no April Fool’s joke. This is a serious scheme set up by the Government to help more people across the UK to own their own homes.
Help to Buy* is a Government backed equity scheme that enables buyers to purchase a new home with just 5% deposit and a 20% Government equity loan – a loan that can be repaid at any time within the first 25 years.
An equity loan is effectively a second mortgage in the form of a lump sum.
So, you provide the 5% deposit, your mortgage company lends you 75% of the value of the house, leaving 20%, which is the portion that the Government will lend to you - interest free - for five years.
The Help to Buy scheme is available at all Linden Homes’ developments and applies to any of their homes that are valued at £600,000 or less.
Mark Docherty, the sales and marketing director of Linden Homes Southern says that using Help to Buy could mean you could own a home near the sea – at Lorton Gardens just north of Weymouth in Dorset:
“Our new development on Lorton Lane is a lovely location. It’s set on a peaceful, semi-rural site on Lorton Lane, next to the Lorton Meadows nature reserve. The homes here will be within walking distance of the main line railway station, have good links into the heart of Weymouth.”
The homes here will consist of 3 and 4 bedroom homes.
“With Help to Buy you would need a deposit of just £12,500 for a three bedroom home at Lorton Gardens. The Government equity loan would amount to £50,000 – and that is interest free for five years. The mortgage would then be £187,500. I think this scheme will open up great opportunities for people wanting to buy a new home – and at Lorton Gardens, they could have a new home near the sea.”
For more information on these beautiful new Linden Homes at Lorton Gardens in Weymouth, please call Connells Estate Agents in Weymouth on 01305 770 333.
*conditions apply
-ENDS-
For further information, contact Claire McCowan or Tracy Mannion at Remarkable Public Relations on 01962 893 893 or Claire.mccowan@remarkablegroup.co.uk
