HELPING FIRST-TIME BUYERS
Figures show that 3.4 million young adults are now living at home, a figure that has been gradually increasing year on year. The situation is compounded for some by stagnant wages, precarious employment, unpaid internships and student debt.
So what is on offer to help with the cost of housing? The Government’s Help to Buy Scheme, scheduled to run until 2023, is a great help. It requires buyers to raise a deposit of just 5% and is currently available on new homes up to a maximum purchase price of £600,000.
Another scheme to help buyers, particularly first-timers, is buying a new home on a shared equity basis. This means that buyers fully own their homes by taking out a mortgage typically covering 75% of the property value and then later have the opportunity to buy the remaining 25% equity share, on which no rent is charged.
The advantage of this is that unlike shared ownership schemes, no fees or interest are payable, and neither is there a repayment deadline as there is with Help to Buy, after which interest is charged.
As a company we are currently offering this opportunity at our developments at Saxon Green in Ashill and The Signals in Watton – and soon at Church Meadow in Sproughton.
For example, at Saxon Green, there is a particularly good deal for buyers who can purchase a two bedroom apartment for just £112,500. Call 01284 766057 or visit bennett-homes.co.uk