Help to Buy is making dreams come true at Marine Drive
30 January 2018
An exclusive location in Devon with wonderful sea views is proving popular with new home buyers, many of whom are using a special Government-backed scheme to make their dreams come true.
Virtually all of the brand-new properties at Bovis Homes' stunning Marine Drive development on the outskirts of Teignmouth have now been snapped up – with just three remaining.
Buyers have been attracted to the attractive location, just minutes from the seafront and Teignmouth town centre, and the wide range of high-specification homes.
Bovis Homes is also offering a range of purchase assistance schemes to help home buyers find their dream property at Marine Drive, including the Help to Buy – Equity Loan scheme, which is only available on new-build homes.
South West marketing manager Stacey Banfield explained: “Marine Drive is a fabulous location and it's no surprise that visitors are so keen to live here.
“The sea views are naturally proving a big selling point, and with beautiful beaches and lovely countryside on the doorstep, it really is Devon postcard material!
“Only three of the 26 properties at Marine Drive remain unsold and we're expecting them to be purchased very soon.
“The wonderful thing is, Help to Buy makes a dream home affordable for people who may have otherwise thought they could not move here.”
The remaining three properties are two 'Fairhead' house types and one 'Kelson' – detached homes with bespoke designs including bi-fold doors, balconies and log burners.
Through Help to Buy, which is available to first-time buyers and existing home owners, buyers need only to save a five per cent deposit, with an equity loan of up to 20 per cent of the value of the property provided by the Government. The 75% mortgage then required opens up the door to more competitive lending rates.
Home buyers won't be charged interest or fees on the Government loan for the first five years of owning the home, and they can choose to repay the loan at any time without penalty, or on the sale of the property.
The scheme is available on new homes up to a maximum purchase price of £600,000 outside of London.