Help to Buy - understanding the finance

There are a number of challenges currently facing those who want to take their first step onto the property ladder, including high deposits and difficult mortgage conditions. As a result, more people than ever are now renting their home*, which in turn is making it even more difficult for them to save for that all important deposit.

Crest Nicholson, the award-winning housebuilder behind The Furlongs, a collection of three and four bedroom family homes in Hereford, is making the break into the property market that little bit easier by offering the Government funded Help to Buy scheme. 

The developer has teamed up with Adam Champion from The New Homes Group to cut through the jargon and explain the scheme, he said: “The amount of lending for mortgages has decreased in recent years, which has made it more difficult for people to make that important first step onto the property ladder. Although renting may be a good short term option, it will never ensure that you own your own home.

“Help to Buy is a great way to get onto the ladder, whether you’re a first time buyer or hoping to get back into the market. It gives those who haven’t saved a sizeable deposit the opportunity to purchase their own home.”

Help to Buy is the new Government funded initiative that can help you buy a new home with a low deposit. With Help to Buy you only need a 5% deposit and 75% mortgage, the remaining cost of the property is funded by a 20% equity loan from the Government.

Adam continued: “The scheme can work for all types of househunters, whether you’re a first time buyer or not. Offering a 5% deposit means that more people can invest in property, instead of pumping money into a rented house or flat that will bring little to no return.”

Help to Buy already has wide support from a number of banks and building societies, including Halifax and Nationwide, with over 1000 people taking advantage of the scheme and purchasing homes through it.

Amanda Benjamin, Senior Sales Manager for Crest Nicholson, added: “We’re really excited to be able to offer homebuyers Help to Buy at The Furlongs. The properties that are available here suit such a wide range of buyers, especially families, who can really take advantage of the scheme.  If you don’t have the savings for a sizable deposit, I’d really recommend popping into visit our sales team today and finding out if Help to Buy can make owning your dream home affordable.”

Prices at The Furlongs under the Help to Buy scheme currently start from £175,960 for a four bedroom, three storey Warwick and £171,960 for a four bedroom Langdale. For more information please visit the on-site Sales and Marketing Suite (open 10am-5pm, daily), call 0870 753 1864, email thefurlongs@crestnicholson.com or visit www.crestnicholson.com/thefurlongs. Details are also available from Andrew Morris Estate Agents in Bridge Street, Hereford, online at www.andrew-morris.co.uk or by calling 01432 266775.

* The Generation Report by the Halifax

http://www.lloydsbankinggroup.com/media1/press_releases/2013_press_releases/halifax/1706_Generation_Rent.asp

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