Help to Buy opening up market this summer says Bovis Homes
Thursday, May 30, 2013
This summer promises to be a great time to buy for house hunters, with one of the UK's major home builders revealing that a new Government-backed initiative has opened up the property market in England for thousands of first-timers and existing owners alike.
Bovis Homes are building a range of high quality new homes across the country and are reporting even more interest among buyers at their developments following the launch of Help to Buy.
Under the shared equity part of this new scheme, the purchaser receives a 20% equity loan from the Government and needs just a 5% deposit and a 75% loan to value mortgage to move into a new-build house.
"Help to Buy is proving to be excellent news for homebuyers, especially those who have been struggling to raise some of the higher deposits sometimes required by lenders recently," said Bovis Homes Group Marketing Director Kevin Wilkins.
"This is the most progressive scheme we have seen yet, with broad qualification criteria which makes it available to all types of homebuyers - not just first-timers - with no income cap and a maximum house price of £600,000.
"Since its launch the message is getting out that this really does make 2013 a great year to make that move into a brand new home."
Help to Buy was launched in this year's budget and the first completions are now starting to filter through across the country as people take advantage of the 20% Government equity loan, which is interest-free for the first five years and is repayable within 25 years or when the home is sold.
"I would advise people who have been waiting for changes in the market before moving to take a close look at Help to Buy and see if it is the right option for them," said Kevin.
"We've seen many people who had been holding back from making a move now deciding to make the most of the 5% deposit requirement and the 75% mortgage, which should give them access to more attractive rates of interest."