Posted 12 September 2018 by
Rupert BatesWhen looking to get your foot on the property ladder, or to upgrade your current property, Help to Buy is a great available feature to make the process affordable.
Help to Buy provides homeowners with an interest-free equity loan from the government of 20% of the property value, which is interest-free for the first five years. You only have to pay a 5% deposit to secure the property and get a 75% mortgage. After the interest-free period is over, you will pay monthly interest over the period that you own the property. When you sell, you pay back 20% of the value of your home. This scheme is available to both first-time buyers and current homeowners and is only available to buy a brand new home.
This is an extremely popular scheme that many developments offer and it helps make buying a new home more affordable. Here are some examples of what you could purchase with Help to Buy in the West Midlands.
Saxon Meadows is a new development alongside Barratt’s other popular development, Saxon Heights. The 163 properties range from one-bedroom apartments, ideal for first-time buyers, to three-bedroom houses that are perfect for growing families.
The luxury apartments within this development are ready to move in to this month. Their show houses and marketing suite are open seven days a week, from 12.30pm to 5.30pm on Mondays and from 10.00am to 5.30pm from Tuesday to Sunday.
Example:
Three-bedroom house, £210,000
Deposit 5% = £10,500
Help to Buy Loan 20% = £42,000
Mortgage 75% = £157,500
Approximate household income needed, £52,500
These homes allow easy access to Birmingham city centre and other amenities such as Tysley train station, a short distance away. There’s a range of two-bedroom apartments and two-, three-, four- and five-bedroom houses. The location of these homes are ideal for growing families as they are spacious and surrounded by schools and parks.
The marketing suite for this development is open five days a week, from 11.00am to 5.00pm on a Monday and from 11.00am to 6.00pm Thursday to Sunday.
Example:
Four-bedroom house, £274,995
Deposit 5% = £13,750
Help to Buy loan 20% = £55,000
Mortgage 75% = £206,245
Approximate household income needed, £68,748
Meadow Bank has homes created to blend in to the village that surrounds it. There is a choice of two- or three-bedroom bungalows available, as well as two-, three- and four-bedroom houses within the region of £209,995 and £414,995.
These new builds are along the scenic backdrop of the Staffordshire countryside, making the placement idyllic and picturesque. There are also many historic landmarks surrounding this development. It is open from 10.00am to 5.00pm from Thursday to Monday.
Example: four-bedroom detached house, £319,995
Deposit 5% = £16,000
Help to Buy loan 20% = £64,000
Mortgage 75% = £239,995
Approximate household income needed, £79,998
Drayton Meadows is surrounded by fields, giving a semi-rural feel to the area and is made up of two-, three-, four- and five-bedroom houses, perfect for either first-time buyers or those looking for an upgrade.
Despite the rural feel of the development, there are plenty of essentials nearby such as schools, shops and parks. Show homes are open daily from 10.00am to 5.30pm, except from Mondays where the opening times are 12.30pm to 5.30pm.
Example: five-bedroom house, £355,000
Deposit 5% = £17,750
Help to Buy loan 20% = £71,000
Mortgage 75% = £266,250
Approximate household income needed, £88,750
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