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Buying your first home with Help to Buy!

Buying a property can be a daunting process, particularly when you’re a first-time buyer and there is a wide range of products available to help you and you’re not entirely sure what they all mean.

Help to Buy is just one of these products available to first time buyers which could help you get onto the property ladder AND sooner than you’d expect!

Help to Buy is a Government backed initiative which was first launched in April 2013 and is now widely offered on many new build developments. The scheme is making it possible for lots of first-time buyers who are struggling to save a large deposit & afford a mortgage to get on the property ladder.  Help to buy

In a nutshell, it makes it possible to buy a property with a 5% deposit and 75% mortgage. The Government will lend buyers up to 20% of the value of the property which can be repaid within 25 years (or on the sale of your home, whichever is sooner). This loan is interest-free for the first five years.

Local Help to Buy agents will assess your application for Help to Buy and eligibility to purchase with the scheme varies on different criteria including income and dependency on a sale.

A good financial advisor will be able to help you with this process and at Sewell & Gardner we work closely with & recommend Meridian Mortgages https://www.meridianmortgages.net/

Both houses and apartments are available through the scheme but the value of the property you’re purchasing can’t be over a specified regional price cap. The regional price caps for Hertfordshire is £407,400.

The property purchased must be your only residence & is not available to assist buy-to-let investors or those who will own any property other than their Help to Buy home.Help to buy home

To recap:

  • New build homes
  • First time buyers only
  • Minimum 5% deposit required
  • Purchase price up to £407,400 within Hertfordshire
  • 5 years interest free
  • Subject to eligibility criteria

As scary as it is to buy your first home, it’s also an incredibly exciting time and something that you’ll remember for years to come and the purpose of this blog is to show first time buyers that buying your home might be closer to reality than you first thought. Click here to view our new homes currently available.

Why buy new?

New homes are designed to fit around your and your family’s life. You will find well designed new build homes that are smart with space, offering flexible and happy living spaces. A new home is your freshly painted blank canvas. Some developers may offer you a choice on your new kitchen, bathrooms or flooring that you can personalise to your needs and taste.

Even if the house is complete, most builders will have had expert advice on those interior fittings which would have been selected from the latest ranges and will be of a high specification.

So, what are you waiting for? Contact our dedicated new homes team today on 01923 606056 to start your journey in becoming a homeowner!