To make it possible for many more British people to own their own homes, the government launched the “Help to Buy” scheme. This includes the Help to Buy: Share Ownership initiative. This involves you purchasing a share in a property (between 25% and 75%) while the developer continues to own the rest. You pay rent according to how much of the home you own.
The other option is the Help to Buy: Equity Loan. Under this strand of assistance, the government lends you up to 20% of the value of your home (which would need to be a newly built property). Then, you contribute a 5% cash deposit. A mortgage would cover the remaining 75%.
If you’re considering purchasing a beautiful new property built by Blackmore Homes, here are four good reasons to choose the Help to Buy route.
Making new homes affordable
Until the government launched Help to Buy, many British people were finding it hard to afford to own any property, let alone a fabulous new home such as those created by Blackmore.
The credit crisis some years ago has made lenders cautious. Many people were facing the prospect of finding a substantial deposit. As quality houses are not cheap, this meant many years of saving.
The Help to Buy initiative makes it possible to own property much sooner, using a much smaller and more achievable deposit. It could be as little as 5%!
Makes new home ownership possible for all
There’s a myth that Help to Buy is just for first-time buyers. In fact, another reason it’s a great route to buying a new property is that it’s equally relevant for all ages and circumstances. Including people who already own property, who need to “move up the ladder”.
There are qualifying criteria of course, but nothing to stop anyone from exploring this valuable option to owning a Blackmore Homes property.
Easy to manage mortgage payments
Using Help to Buy to purchase a new home from Blackmore also means that mortgage payments – or a mixture of mortgage and rent outgoings – are affordable and easy to manage. That’s because the first five years are interest-free! You only repay a contribution towards the amount you borrow. Even after that initial interest-free mortgage period, Help to Buy can unlock a lower mortgage rate as you’re lending a manageable amount.
New homes are wise investments
For too long, many people buying property in the UK were forced to settle for homes that were too small or otherwise inadequate to meet their needs. Help to Buy has made it possible to buy newly built properties that are a perfect match to your current and future circumstances.
It also means you’re buying a home that is highly likely to grow in value over the years. That makes the cash you put into a Blackmore Homes property a great investment.