Three years after it was launched a growing number of house hunters in Bath are making the most of the Government’s Help to Buy scheme.
Announced in the Chancellor’s budget of 2013, it meant anyone buying a new property could borrow 20 per cent of its value via an equity loan and was seen as a handy means to help people on all stages of the property ladder purchase a new home with a deposit of just five per cent.
Following a flurry of Help to Buy sales at Crest Nicholson’s Bath Riverside development, astute house hunters looking in Bath are now making the most of the opportunity to buy a new home by borrowing much less.
Christine Hamilton, sales advisor at Bath Riverside said: “When it was launched it seemed that house hunters weren’t too sure on how the scheme worked and were a bit reluctant to use it.
“Since then however, those looking to move have had longer to do the sums and can now see that buying a new property under the scheme makes a lot of sense.
“The recent purchases at Bath Riverside have come from a range of buyer including first timers to those moving on up into something bigger.
“What has been apparent is when we sit down with potential buyers and go through the numbers they realise not only is buying a new home very affordable but some can actually move into something much bigger than they thought.
“A lot of the properties for sale at the development fall well under the upper price bracket, offering a wide scope of specification and size so it’s great to see the scheme working in the way it was intended.”
For those unsure on how Help to Buy works, under the scheme the Government will lend up to 20 per cent of the value of the property through an equity loan with no charges or loan fees for the first five years.
This means the purchaser has to pay just 80 per cent the cost of the property – made up of a 75 per cent mortgage and five per cent deposit.
So on a property valued at £300,000 the buyer will need a deposit of £15,000 and mortgage of £225,000. The Government will then cover the remaining £60,000 via the equity loan.
Available on properties up to the value of £600,000 the scheme is a great opportunity for all types of house hunter wanting to own a new home at this iconic development.
Christine is now keen to remind house hunters that they can still take advantage of the initiative at the development which has numerous properties for sale within the Help to Buy price bracket.
She is also on hand to guide buyers through the process and work out the figures based on current availability.
Christine added: “Help to Buy has opened up the development on more levels and is great news for those looking to move into a new property in close proximity to Bath city centre.
“The vast majority of properties current availability at Bath Riverside are available with Help to Buy.
“This makes the properties at Bath Riverside very attractive for those wanting a property in this historic city.”
For further information please call 01225 463 517 or visit www.crestnicholson.com/bathriverside
The marketing suite on Victoria Bridge Road is open daily from 10 am to 5pm.