Affordable New Homes in the North West Through Help to Buy
Posted 17 September 2018 by
Rupert BatesHelp to Buy is a scheme that makes getting on the property ladder much less overwhelming. With this, first-time buyers and current homeowners can purchase their new home in a more affordable manner.
Through using Help to Buy to purchase a new home, you put down a 5% deposit. The government offers a 20% equity loan on a five-year interest-free basis. You only need to find a 75% mortgage. After the first five years, interest on the loan will be paid back monthly over the period that you own the property. When you sell it, you give the government 20% of the sale price.
Help to Buy is a great scheme that is offered to all that are looking to buy a new build property. Here are some examples of properties you could purchase through Help to Buy in the North West.
This development is made up of three- and four-bedroom homes, ideal for families. These energy-efficient houses allow you to live comfortably knowing that it is not costing you the earth. Being just ten minutes out from the town centre, this is the ideal location for those that enjoy a social lifestyle. There are also a surrounding of parks and playgrounds nearby, for families to enjoy, as well as an array of schools.
There are 153 new homes being built on this development and over 80% of them have already sold. Their show home is open for viewing from Thursday to Sunday, 10.00am to 5.30pm, and from 12.30pm to 5.30pm on Mondays.
Example: Four-bedroom home, £228,000
Deposit 5% = £11,400
Help to Buy loan 20% = £45,600
Mortgage 75% = £171,000
Approximate household income needed, £57,000
This offers a range of one-, two-, three-, four- and five-bedroom homes. They have each been designed with modern family life in mind and feature open-plan living spaces. With the countryside right on their doorstep, these homes are ideal for those who enjoy a rural view.
However, you would only be a short drive away from the city centre of Preston, so it is an optimum position for a family. There is a variety of schools nearby, as well as being an ideal location for public transport. The show homes and marketing suite are open Thursday to Sunday, 10.00am to 5.30pm, or Monday between 12.30pm and 5.30pm.
Example: Four-bedroom home, £330,000
Deposit 5% = £16,500
Help to Buy loan 20% = £66,000
Mortgage 75% = £247,500
Approximate household income needed, £82,500
This development is made up of one-, two-, three- and four-bedroom homes, both houses and apartments. The location provides easy access to the town, where there is a variety of shops, restaurants and other necessities. On the edge of the Lake District, this is a great housing location for those who enjoy a scenic and peaceful surrounding.
The gated entrance to the development provides both class and security to this new development. Cumbria Homes Limited’s show homes are available for viewings from Friday to Monday, between 10.00am and 4.00pm.
Example: One-bedroom apartment, £155,000
Deposit 5% = £7,750
Help to Buy loan 20% = £31,000
Mortgage 75% = £116,250
Approximate household earnings needed, £38,750
Useful links
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