Those who think that buying a new property could be too much of a stretch may want to think again and take a closer look at how the government backed Help to Buy scheme could enable them to secure their dream home.
Addressing the misconceptions and myths about Help to Buy, Linden Homes’ Sales Director, Tracy Iles says: “There won’t be many people who haven’t at least heard of Help to Buy. However, the actual benefits and how it can help house hunters – both first time buyers and those who are looking to sell and move to a new property – are often misunderstood.
“For example, with only a 5% deposit (£9,997.50), the monthly repayments on the cosy two bedroomed Adela starter home at our beautiful Saint George development in Morpeth could be under £540*.
“This is because the initiative opens the door to more attractive mortgage rates. So, those purchasing without Help to Buy would need a 10% deposit (£19,995) and the monthly mortgage would be over £750** - at least £210 more. That’s a huge difference – especially to people taking their first step onto the property ladder – and can often mean they are able to buy the home they really want.”
The way Help to Buy works is that an equity loan of up to 20% of the property’s value is provided to the buyer by the government. This means a smaller mortgage and access to more competitive interest rates. In addition, there’s nothing to pay on this loan for up to five years – or when the property is sold. Whichever comes first.
Based on the £199,950 purchase price above, when the five years is up, the interest repayments on the government loan would only be around £75 per month.
Tracy Iles added: “By then, if the buyers had been able to save the difference between the Help to Buy mortgage payment and loan without it, they would have almost £13,000 put aside.”
Adjacent to beautiful natural woodland and open green space, yet within walking distance of the town centre, the exceptional new homes at Saint George have been uniquely designed to fit the surroundings, delivering luxury, tranquillity and convenience.
Combining space, style and specification rarely found in today’s new homes, the development offers buyers a range of bespoke properties, from the semi detached Adella to the generously proportioned four bedroomed detached Westminster.
With the Newcastle / Gateshead Quayside just 20 minutes’ drive away and the stunning Northumbrian countryside and coastline also within easy reach, buyers really do get the very best of both town and country living.
The sales office and show homes – located just off the A197 (NE61 1JY) – are open every day between 10am and 5pm. Alternatively call 01670 751 826***.
* & ** Based on figures provided by qualified mortgage advisors at The New Homes Group, with typically available 30 year loans provided at 1.75% and 2.94%.
*** This call will cost 7p per minute plus a phone company access charge.
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Media contact: Paul Dobbie at Persuasion Public Relations on 0845 071 0678 or email: Paul.Dobbie@persuasion-pr.com
