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The benefits of help to buy

BARRATT Homes Northampton has revealed the top benefits of using the popular Government-backed Help to Buy initiative, which is set to change in April 2021.

The Help to Buy scheme is open to both first-time buyers and existing homeowners on properties up to the value of £600,000. The scheme helps you to buy a home with an equity loan of up to 20 per cent of the full price of the property and just a five per cent deposit. You won’t have to pay any interest charges on this loan for the first five years.

New homebuyers Richard and Laura, said: “The initiative was so helpful when it came to purchasing our new property.

“As we had used the scheme on our first home, we were already familiar with how it worked, but the sales advisers at the development were more than willing to help us with anything we may not have understood.”

The Help to Buy scheme will be changing from April 2021 and will be restricted to only first-time buyers and include regional property price caps to ensure the scheme reaches people who need it most.

Alison Raine, Sales Director at Barratt Homes Northampton, said: “For property seekers in the area, it can be hard to know which moving scheme may suit them best and whether Help to Buy will offer them the best deals.

“The scheme is very popular and has proven extremely successful at a number of our developments in the area. We have compiled a list of some of our best reasons as to why the initiative should be considered.

“We would encourage any keen homebuyers to visit one of our developments, not only to discover our beautiful homes but to find out more about the scheme that could help you move into your dream home.”

The benefits of this great initiative include:

* You can move quicker with a lower deposit

For many people, saving for the minimum 10 per cent deposit needed on most homes can be a struggle. By using the Help to Buy scheme, buyers are able to pay just a 5% deposit, a more achievable goal for most. This can make a big difference to some homebuyers who thought that they couldn’t purchase a home.

* Interest free loan for five years

The 20 per cent equity loan on your home is interest free for the first five years, giving you peace of mind that you can settle into your new home and adjust to your budget before having to think about repayments.

* Access to lower interest rates

With 20 per cent of the mortgage being in the form of an equity loan from the government and five per cent being the deposit, buyers only need a 75 per cent mortgage. This means that you could get access to more competitive interest rates compared to a standard 90 per cent mortgage.

* Not just for first time buyers

Those looking to upsize their home to the value of £600,000 can also take advantage of the scheme at the moment. This means that second steppers can also make the most of the many benefits that come with using the initiative.

The five star housebuilder has a range of new build homes available for potential buyers to reserve. New build homes are a blank canvas and with Barratt’s Choices Range allows purchasers to add the finishing touches to make their home individual.

The homes are also ready to move into with no DIY required, meaning that buyers can focus on making their mark in their new home rather than worrying about doing any work to it.

Barratt homes Northampton is currently building new homes at the following developments in Northamptonshire; Lyveden Fields and Lake View in Corby and The Brackens in Brackley. They also have developments in nearby counties including Bedfordshire, Cambridgeshire and Buckinghamshire.

For more information about any of the Barratt Homes developments in the area, visit the website at www.barratthomes.co.uk or call the sales line on 033 3355 8481.

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