Why Help to Buy is so important for FIRST TIME BUYERS
Are you a first-time buyer? Perhaps you are considering getting onto the housing ladder and taking some time to actively save your deposit. Maybe you are currently renting and do not consider it possible to buy your own home? It could be that there is a possible solution to get your dream home quicker!
Here are some helpful pointers on things to consider
Property remains a very sound investment. If you take a look at the long term prospects of property values over the last 40-50 years you can see that on average property prices have doubled every 10 years – where else could you get such a great investment! It is not without its potential pitfalls though, so you need to be sure that when you buy, you are doing it for all the right reasons. The days of buying a house and making a quick buck are long behind us, but a careful and calculated purchase will still bring you good dividends.
How to get more house for your money
The Government backed Equity Loan 'Help to Buy Scheme' is an excellent way for you to increase your budgeted spend. There is of course qualifying criteria (as you would expect) but if you are a first time buyer you could get up to 20% of the purchase price loaned by the Government interest FREE for up to 5 years! Think about it – if you are looking at a second-hand home for say £200,000, with the Help to Buy Scheme support, you could very well add another £40,000 to your budget! That in itself will open so much more opportunity for you in terms of the type of property that you could buy as well as possibly the area you are considering. It must though be a new home – which again offers additional peace of mind as they all come with a 10-year building warranty and low maintenance for some time!
The loan can then either be paid back in 5 years, or it will then attract interest at a very favourable rate.
All you need is a 5% deposit, which is then topped up by the Help to Buy Scheme through participating High Street Lenders, meaning you have a 25% deposit overall. Great isn’t it!
More details and FAQ’s on the Help to Buy Scheme can be found HERE:
To find out if you can qualify for the scheme, you will need to talk to a Help to Buy specialist Mortgage Broker who will be able to answer all your questions and talk you through how to apply. Mortgage Advice Bureau can offer this help and can be contacted HERE:
So, with a bigger budget, peace of mind and a brand-new home to boot, what are you waiting for…!
Why not start to take a fresh look at New Homes – as a first-time buyer it could well be the best decision you make! Oakwood homes operate a Land & New Homes team who offer a number of different new homes sites at any one time, so please feel free to take a look at what is currently available, as well as considering other new homes on the market.
Any questions?
Please get in touch – you can email us at newhomes@oakwoodhomes.biz or call us directly on 01843 228844.