Thousands use help to buy to get on housing ladder
A government initiative is helping thousands of families in Derbyshire to get on to the housing ladder.
New figures released by the Homes and Communities Agency (HCA) reveal that a total of 2,879 homebuyers in Derbyshire used the Help to Buy scheme since it was launched four years ago.
Within the county the districts that made the best use of the scheme were South Derbyshire (924), Derby (663), and Bolsover (376). Of the total amount of homebuyers that benefited from the scheme, 2,233 were first time buyers.
Local housebuilders Barratt Homes North Midlands and David Wilson Homes East Midlands are encouraging homebuyers throughout Derbyshire to take part in the popular scheme that has already helped tens of thousands of people across the country to buy a brand new home. Moreover, last year’s Budget announcement that first time buyers are now exempt from Stamp Duty (on properties up to £300,000) means that there is another compelling reason to get on the property ladder now.
The Help to Buy scheme enables anyone, both first time buyers and existing owners, to put down just five per cent as a deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.
Jason Hearn, sales director at David Wilson Homes East Midlands, said: “We are pleased to see that Derbyshire homebuyers are taking advantage of the highly popular Help to Buy scheme.”
Jan Ruston, sales director for Barratt Homes North Midlands, added: “This has proved so helpful to many homebuyers in the area and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”
Help to Buy allows any homebuyer to secure a brand new home under the value of £600,000 with just a five per cent deposit.
The government lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage.
Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.
You can find more information on Help to Buy on both the Barratt Homes and David Wilson Homes websites - http://www.barratthomes.co.uk/Offers/Help-to-Buy/ and http://www.dwh.co.uk/Offers/HTB-Calculator/ together with a handy calculator which shows how much people can borrow using the scheme.
Parent company Barratt Developments has helped more than 19,000 people buy their home through government shared equity schemes such as Help to Buy, more than any other housebuilder.
Barratt Homes and David Wilson Homes has a range of developments across Derbyshire. Barratt Homes North Midlands currently has homes available at the following developments: Highfields in Littleover and Barratt Homes at Mickleover. David Wilson Homes North Midlands currently has homes available at The Paddocks in Newton Solney and Highfields in Littleover.