New houses are on the market in Poundbury this week to help buyers¬†get on the property ladder.
The scheme is very popular with first time buyers and families looking to buy their own home.
Buyers will need to offer a deposit of at least ¬£14,850 for the new homes. Princes range from ¬£238,000 if purchases through the Help to Buy¬†scheme.
To discuss this opportunity in more detail, on Tuesday 20 September CG Fry & Sons Ltd are holding a special event from 4pm-6pm at their Poundbury sales office where their sales team can show potential buyers how the scheme works.
Caroline Hill, Sales and Marketing Director for C G Fry & Son, said:¬†‚ÄúProspective buyers now have a wide range of options to help them get onto the property ladder. The popularity of the Help to Buy scheme, coupled with recently lowered interest rates, makes it a great time for first-time buyers to purchase a new home.
“The cost of renting has rocketed over the last year, while mortgage rates are at a record low. Many are finding that it makes financial sense to buy a new home rather than put more money into renting and ultimately paying for a landlord‚Äôs mortgage instead of their own.”
Potential buyers have the opportunity pf being in their new home by Christmas. Mrs Hill added: “The Poundbury site is the only place to buy new homes this side of Christmas in Dorchester, so we know that a lot of people looking to see in a new year in a new home will be very interested in attending our Help to Buy event.
“We have had a high number of enquiries at the site from families and first-time buyers looking to take advantage of the Help to Buy scheme, and we are looking forward to welcoming more prospective buyers to our event, where we can discuss the best option to help them buy a new home.‚Äù
A mortgage advisor will be present on site to talk about the offers available and the Dorset Wine Company will also be present providing refreshments.
Since its implementation in 2013 more than 81,000 people have used Help to Buy to purchase their own house. The scheme has proved especially popular with first-time buyers who have been able to afford to own their property where they previously may have struggled.
Help to Buy enables buyers to purchase a home with just a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is paid off as an equity loan, which remains interest free for five years.
For more information about the houses on sale visit here. The CG Fry sales office is based at Strathmore House, 11 Queen Mother Square, Poundbury, DT1 3DX
Help to Buy advice from CG Fry
What is Help to Buy?
Help to Buy is a government backed initiative set up to help first time buyers and those looking to move up the property ladder, to purchase a property with as little as a 5% deposit.
Equity Loan With a deposit of 5%, the Help to Buy Equity Loan scheme allows you to borrow an additional 20% of the purchase price of the property from the government; the loan is interest-free for the first 5 years and it can be repaid at anytime. This is an example of how Help to Buy will work for you if you have buyer looking to purchase a property valued at ¬£200,000 and the buyer only has a deposit of 5% or ¬£10,000.
- With a government loan of ¬£40,000 (20%)
- Mortgage required of ¬£150,000 (75%)
- Combined with their ¬£10,000 deposit (5%)
- They can purchase a new build home up to ¬£200,000 (100%) The above calculation is based on the minimum deposit of 5%, they can have a greater deposit if required.
In the 6th year, your buyer will be charged a fee of 1.75% of the loan’s value. After this, the fee will increase each year by Retail Price Index plus 1%. All figures are purely indicative and should not form the basis of any purchasing decisions. Only a select number of Banks & Building Societies are providing the Help to Buy mortgages so your buyer will need to speak to our mortgage advisor and complete the application process to find the most competitive product for them.
What properties are included?
To qualify for the scheme, Help to Buy properties must be:
- Priced below ¬£600,000
- Full ownership
- New build
- In England – this scheme currently excludes Wales and Scotland
The Government Equity Loan scheme is only available from approved, participating house builders.
Who is eligible?¬†
To be eligible for a Help to Buy Equity Loan property, you must:
- Be able to demonstrate access to savings or funds to pay, if required, a deposit (which may be between 5% and 55% of the purchase price, legal fees, stamp duty and costs of moving)
- Be purchasing a property costing ¬£600,000 or less
- Have a good credit history
- Take out any mortgage with a qualified lender (e.g. a bank or building society)
- Remove your name(s) from any other property deed prior to or at the point of completion of your new property if you are a home-owner wishing to buy a larger property for your family
How do I apply?
- Contact your local Home Buy Agent to confirm eligibility (South West Homes), your mortgage advisor can do this for you.
- Choose your new home and reserve with a lower reservation fee of ¬£500 (C G Fry standard is ¬£1,000).
- You will also only be required to pay 5% deposit at exchange of contracts rather than the usual 10%.
*Terms and conditions apply.
To contact the sales team to find out more information call 01305 259600 or email firstname.lastname@example.org