More than 200 homebuyers on the Isle of Wight have now used the Government’s Help to Buy scheme, the vast majority being first time buyers.
Latest government figures reveal that 232 buyers on the Island have used the scheme since it was launched in April 2013. First-time buyers accounted for 84% of these sales, and local house builder, Barratt Homes, says the scheme has been a real game-changer for many people.
Michelle Storer, sales director for Barratt Homes, said the scheme has proved invaluable for first-time buyers and those using the equity in their current home as their deposit to move up the housing ladder.
She said: “It’s vital that we keep spreading the word that buyers need just a five per cent deposit to buy a new home so we can help even more buyers this year”.
Help to Buy allows any homebuyer to secure a brand-new home under the value of £600,000 with just a 5% deposit. The Government lends the buyer 20% of the value of the property in the form of an interest-free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75% mortgage.
Available to all homebuyers, not just first-timers, the scheme helps anyone looking for a boost up the property ladder.
On the Barratt Homes website there is lots more information on Help to Buy at: http://www.barratthomes.co.uk/Offers/Help-to-Buy. This comes with a handy calculator, which shows how much people can borrow using the scheme.
Barratt Homes is currently working on new developments on the Isle of Wight, including St George’s Gate in Shide and Hawthorn Meadows in Whippingham.