Help to Buy still making dream moves come true across the South West

29 August 2018

Ottery St May street sceneThe Government’s Help to Buy scheme was first introduced in 2013 and since its introduction, there has been just under 170,000 people who have used it - and it is continuing to help make that dream move possible for buyers across the county.

Exclusively available for brand-new homes, Help to Buy – Equity Loan gives buyers the opportunity to get on and up the housing ladder, by providing a 20% equity stake.

“Many people consider Help to Buy as a scheme for first-time buyers, but it’s actually available for existing home owners too,” explains Emma Smith, South West sales and marketing director for Bovis Homes. “We’ve had many customers who didn’t think they’d be able to afford their dream home, but after talking to our sales team and a mortgage advisor, they have been delighted to discover that the home they wanted was within reach.”

With the maximum property price in which you can use the scheme in England at £600,000, Bovis Homes has a wide range of houses available across Devon for home hunters, including Axminster, Bovey Tracey, Braunton, Fremington, Ottery St Mary, Plymouth and Seaton

With the scheme buyers only require a 5% deposit and receive an equity loan of up to 20% of the value of the property from the Government, which is interest-free for the first five years. This can be repaid at any time. After five years, you will be required to pay an interest fee of 1.75% of the amount of your Help to Buy shared equity loan at the time you purchased your property, rising each year after that in accordance with the Retail Prices Index plus 1%. The loan itself is repayable after 25 years or on the sale of the property if earlier. By borrowing 75% of the property’s value, buyers are able to access more competitive lending rates.

“If you are looking to buy a home, the Help to Buy scheme could well unlock the door to your dream move,” explains Emma. “If you have a 5% deposit available and you can secure a mortgage then it could be an option for you.

“You don’t need to be a first-time buyer to be eligible for Help to Buy. If you have previously owned a property or are looking to move to a bigger home, you can still take advantage of the scheme. However, you cannot purchase with Help to Buy if you own another property at the same time.

“It’s worth speaking to your mortgage advisor to discuss your options and you can find out more on the Help to Buy website.”

Bovis Homes has properties ranging from two-bedroom apartments to five-bedroom family houses available in prime locations across the South West, which are built in a variety of styles and layouts.

“Visit one of our sales centres to find out more about Help to Buy, and you can also speak to our team about our other purchase assistance schemes, such as Smooth Move and Home Exchange, which can help to reduce the hassle and stress of moving,” says Emma.

To find out more about Bovis Homes visit www.bovishomes.co.uk or www.helptobuy.gov.uk to find out more about Help to Buy.

YOUR HOME MAY BE REPOSSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT


*HBF figure