NEW HELP TO BUY SCHEME PROVIDES WELCOME BOOST ON THE PROPERTY LADDER

First time buyers in Surrey and Hampshire will have an opportunity to take their first steps on the property ladder next month, following the launch of a new government-backed Help to Buy scheme.

The newly launched 5% deposit scheme is now exclusive to first time buyers and is available with new homes which are built after 1stApril 2021. Available throughout England, there are regional price caps in place which limit the price on Help to Buy homes, which in the South East is £437,600. This means that homebuyers throughout the region will be able to purchase a new home with the support of Help to Buy.

Local housebuilder Barratt David Wilson Homes is fully registered with Help to Buy and is ready to assist prospective buyers at its new homes developments throughout Surrey and Hampshire.

Lynnette St-Quintin, Sales Director at Barratt David Wilson Homes Southern Counties, said: “The launch of this new first time buyer-focused Help to Buy scheme is one to be welcomed in Surrey and Hampshire. As well as reducing the upfront deposit typically required for those first time purchasers, it helps make monthly mortgage payments more affordable – especially when compared with rates typically available with a 95% mortgage.”

“Help to Buy will prove especially appealing to those who have limited access to the Bank of Mum and Dad, as well as those who may be caught in the rental trap and finding it hard to make additional savings.”

With Help to Buy, buyers are able to purchase a new home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale of the home.

Lynnette St-Quintin adds: “Depending upon which development they choose, we have a range of properties that will fall within the regional price cap for the South East; including a variety of three-bedroom homes at Kilners Grange in Tongham, just outside of Guildford, and two-bedroom apartments at Bruneval Gardens in Aldershot.”