Award winning developer Crest Nicholson is hosting an exclusive, by appointment only, Help to Buy event on Saturday 6th February between 10am and 5pm, at its new waterside development, Centenary Quay, in Southampton. Potential purchasers will be invited for a socially distanced visit of the show home and will have the chance to find out more about the new version of the Government-backed Help to Buy: Equity Loan scheme. Purchasers will be able to ask questions and receive tailored advice to understand how they could use the scheme to secure their first home.
What is the Help to Buy: Equity Loan scheme and how does it work?
The second version of the Government-backed Help to Buy: Equity Loan scheme allows first time buyers to purchase a brand-new home with just a 5% cash deposit. They can then borrow a further amount of the home’s value which is interest free for five years.
The updated scheme also sets a regional equity loan price cap to focus on helping those in areas who need it the most. For example, in South East England, Help to Buy can be used to purchase properties up to £437,600.
While the new scheme doesn’t officially start until 1 April, Crest Nicholson is already taking applications on selected properties at Centenary Quay with the new version of Help to Buy. The scheme is the perfect solution for those looking to take their first step onto the property ladder but need a bit of assistance.
What are the benefits of the Help to Buy: Equity Loan scheme?
- Allows first time buyers to get onto the property ladder sooner
- Provides access to cheaper mortgage rates
- Loans are interest-free for five years
- After five years, loans will incur a competitive interest rate
- Loans can be reduced at any time
- There is no maximum household income cap
- Buyers have 25 years before they need to pay back the loan in full
- Legally buyers will own 100% of the property
Eileen Guihen, Head of Sales & Marketing at Crest Nicholson South, “The new version of the Government-backed Help to Buy: Equity Loan will really help those struggling to get onto the property ladder. By offering potential purchasers just a 5% cash deposit, buyers will be able to secure their new home a lot sooner.
“However, with the change in rules – especially around the regional equity loan price cap – there can be some confusion around who is eligible for the scheme. Our sales team will be on hand on the 6th of February to answer any questions potential purchasers may have around Help to Buy and provide advice to get them into their first home. So please do get in touch to book an appointment.”
Centenary Quay is a collection of one and two bedroom homes in Crest Nicholson’s new waterside development in Southampton. Prices start at £184,950 for a one bedroom apartment, with selected homes available on the government-backed Help to Buy: Equity Loan scheme. To book your appointment for the event, please visit https://www.crestnicholson.com/developments/centenary-quay/ or call 02380441744.