With the new homes and mortgage markets still very much open for business, there is no need for first time buyers to put their moving plans on hold during lockdown.
Lockdown savings, additional disposal income and cost-curbing Government incentives can add up to the perfect move with Linden Homes; currently building across Yorkshire and North Lincolnshire.
According to UK research carried out at the end of the first lockdown, spending less money on non-essentials revealed that the average adult surveyed saved £495 per month.
Almost half of respondents aged between 25-35 said they would put it towards a deposit on a house.
Sales director Steve Woomble said: “While restrictions continue to impact on many areas of our lives, home hunters can rest assured that we are continuing to meet the demands of those looking to buy their first home.
“Perhaps first-time buyers have spent most of the last 12 months living at home with mum and dad and are now ready to move on. In many cases, potential buyers will have added to their savings throughout the pandemic; being forced to cut back on holidays, eating out and other elements of social life.
“Research has shown that many people are thinking about using any savings towards a deposit on a house. With the availability of new homes across the region, and mortgage lenders keen to help make that dream a reality, we would welcome first time buyers talking to us about realising their goal – and how to save money in the process.”
As well as a fantastic selection of new homes, first time buyers can take advantage of a range of mortgages, the Government’s stamp duty holiday (until the end of March 2021) and the new look Help to Buy: Equity Loan scheme.
Changes to the scheme introduced in December 2020 will now be catered to first time buyers only and has seen the introduction of a regional price cap.
The new rules say that first-time buyers can use the scheme if they are spending up to £228,100 on a new home across the Yorkshire developments and up to £261,900 at developments in Lincolnshire – with hundreds of Linden Homes new build properties eligible.
Through the incentive, customers require a minimum five per cent deposit. The government will lend buyers up to 20 per cent of the value of their property through an equity loan, which can be repaid at any time, or on the sale of their home. Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
Emma Barbour from The New Homes Group commented: “The mortgage market, especially for first time buyers, is open for business and lenders are keen to lend. We are seeing higher loan to value products, specifically for first time buyers, which is fantastic. Along with the Stamp Duty holiday, the new Help to Buy : Equity Loan scheme – couple with the fact that there are still some fantastic mortgage rates are available - now is a great time to buy.”
Linden Homes currently offers a range of two, three and four-bedroom homes at carefully selected locations across North, South East and West Yorkshire, and North Lincolnshire; all enjoying commutable links by road or rail to major towns and cities around the region.
The property portfolio includes designs which tick all the boxes for modern living; including versatile living space, designated home office areas and gardens.
-ENDS-
Cetti Long, Media Matters, 01733 371363; cetti@mediamatters-pr.co.uk
