Get Help to Buy your first home in Manchester

First time buyers with around £6,000 in savings could find they have enough for a deposit on a brand new home in North Manchester. Redrow is currently selling properties at three developments in the Moston area – Woodville Gardens, Hanson Gardens and Kenyon Gardens.

Owning one of the stylish new homes is easy to afford thanks to the new Government-backed Help to Buy initiative and this weekend (May 18 and 19) the housebuilder is holding a special event at Woodville Gardens to guide aspiring homeowners through the scheme. Visitors will be able to talk to friendly, experienced sales consultants about the incentive which offers customers the chance to own a brand new home with only a 5% deposit. With prices starting from £120,995 that could be as little as £6,050.

Claire Jarvis, sales director for Redrow Homes (Lancashire), explains: “Buying your first home is an exciting time, but it can be confusing. We want to make it as simple and straight forward as possible for our customers and would encourage anyone who’s thinking of moving to a home of their own to join us this weekend. We’ll talk them through the Government-backed Help to Buy scheme, which is a great deal for buyers as it not only offers them the chance to secure a brand new home with only a 5% deposit, but they will also be able to save thousands of pounds off the initial purchase price with the aid of an equity loan.”

Between them Woodville Gardens, Hanson Gardens and Kenyon Gardens offer a good choice of three and four-bedroom properties. Some are now build complete and simply waiting for the finishing touches that help transform a house into a home.

The readymade homes include the four-bedroom Thirlmere. It’s on the market at £137,995 but can be purchased for an initial outlay of £110,396 with Help to Buy. With the incentive, savings of £6,900 would be enough for a deposit on this property.

“The help available to buy one of our new homes in North Manchester means that homeownership is a viable alternative to renting. Not only could the monthly mortgage repayments be lower than the rent for a similar sized property, but those who buy as opposed to renting will be investing in their future. If it’s time to escape the rental trap or fly the parental nest to a home of your own, then it’s time to talk to Redrow about how we can help,” Claire adds.

This event at Woodville Gardens takes place this weekend (May 18-19).

For more information  call 0161 312 2122 (Woodville Gardens).

 

 

Fast Facts about HelptoBuy

What is Help to Buy and how can it help me?

Help to Buy is a new government scheme designed to boost the property market and help homebuyers get on or move up the property ladder. The government is lending homebuyers up to 20% of the purchase price of their new home via an equity loan, with the remaining portion paid through a traditional mortgage and a deposit of at least 5%. This means your mortgage repayments will be lower as you’ll need to borrow less. The Help to Buy scheme is only available on newly built properties to the maximum value of £600,000.

What is an Equity Loan and how is it repaid?

The Government will lend homebuyers up to 20% of the value of a new build property. The loan is interest free for the first five years. From year six a fee of 1.75% is payable on the equity loan, which rises annually by RPI inflation plus 1 %. The equity loan can be repaid at any time within 25 years (or the terms of the mortgage), or when the property is sold.

Who is eligible?

The scheme is open to both first time buyers and those who have previously owned a property.

To qualify you’ll need:

• A deposit of at least 5% of the purchase price
• A good credit history
• Proof that you can keep up with the repayments on your mortgage
• Enough money to cover the costs associated with purchasing a property, such as solicitor fees and surveys

• You will not be allowed to buy a second home through the scheme.

Where can I buy with Help to Buy?

Search SmartNewHomes for new build properties and keep an eye on our Help to Buy blog for details of developers holding Help to Buy information events.

Where can I register for updates on the scheme?

Sign up to SmartNewHomes to receive our newsletters and get the latest updates on properties in your area.