Newbuy’s new part-ex­change

Yorkshire Post - Property - - PROPERTY -

THE government’s NewBuy scheme has added a par­tex­change fea­ture to its of­fer­ing af­ter reach­ing 3,000 reser­va­tions. NewBuy al­lows first-time buy­ers and home movers to buy a new­build prop­erty with a 95 per cent mort­gage that is un­der­writ­ten by the government and de­vel­op­ers to en­cour­age bank lend­ing.

New fig­ures from the Home Builders Fed­er­a­tion show that the reser­va­tion rate in the first three weeks of 2013 is run­ning at the high­est lev­els since the scheme was launched last March.

The new deal, avail­able un­til June, means that home movers with only a five per cent de­posit will now be able to use par­tex­change ex­ist­ing homes in or­der to buy a new-build prop­erty worth up to £500,000.

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