Help to Buy Provides Welcome Boost For Local Buyers
A local house builder is celebrating the huge success of the Government’s Help to Buy scheme in Hull, after nearly half of the properties on its development were snapped up through the scheme. Barratt Homes, which develops sites across East Yorkshire, including Beverley has seen 41pc of homes purchased through Help to Buy at its Liberty Green development in Hull, suggesting that local buyers are finding it easier than ever before to purchase their first home.
The Help to Buy scheme has been popular with house buyers since its launch. The scheme, which helps buyers to purchase a home, with deposits as low as 5pc, has been a huge success in Hull and this is set to continue with the Government’s launch of a brand new savings scheme to help first time buyers build a deposit to buy their first home.
The savings plan, called a Help to Buy ISA, means that first time buyers can expect government to boost their savings by 25pc to help them get a foot on the housing ladder. That means that for every £4 aspiring homebuyers in Hull are able to save each month, the government will give them £1 to help them get onto the property ladder.
Barratt Homes is welcoming the Help to Buy ISA which will help more first time buyers in the area achieve their dream of homeownership.
Paul Hogan, Sales Director at Barratt Homes Yorkshire East said: “The new Help to Buy ISA saving scheme, which launches on 1 December, helps first time buyers save up a deposit with the government giving them additional top-up sums. It’s another exciting opportunity to help more people in Hull get on to the housing ladder.”
The Help to Buy ISA is available from the start of December with the government adding up to £50 a month on £200 of savings up to maximum amount of £3,000 on savings of £12,000. A couple saving for a house together can between them benefit from £6,000 from the government if they save £24,000 themselves.
The savings account is backed by many high street lenders including Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money.
Help to Buy ISA – Claim upto £3,000 from the Government
Paul Hogan continues: “Under the current Help to Buy scheme first time buyers who are saving for their first home may only need to save a five per cent deposit. The new Help to Buy ISA means that if buyers save £9,500 themselves towards that deposit the government could help them with the other £3,000.”
The original Help to Buy scheme allows homebuyers to buy a brand new home up to the value of £600,000 with a five per cent deposit, thanks to a 20 per cent loan from the government. Homebuyers can then gain access to more affordable lending rates available with a 75 per cent loan to value mortgage. The equity loan is interest free for five years and can be paid back when the property is sold, allowing homebuyers to benefit from any potential uplift in house prices. The Help to Buy ISA can be used in conjunction with properties worth up to £250,000 outside of London and £450,000 inside the capital.
The Help to Buy ISA could help first time buyers purchase their first home at Liberty Green. With a selection of two and three bedroom homes currently on release at the site, and excellent transport links to the city, the development has a lot to offer interested buyers.
To find out more about Liberty Green and purchasing a brand new Barratt Home with a five per cent deposit, visit http://www.barratthomes.co.uk/new-homes/city-of-kingston-upon-hull/H512901-Liberty-Green,-Hull. Details about the Help to Buy ISA can be found at www.helptobuy.gov.uk
