You will have heard through all the media about the options for buyers of New Build property being launched on the 2nd April.
Is it too good to be true? Well the answer appears to be No!
The government appear to have got both the scheme and details about right. Buyers, first time and those also looking to move up the housing ladder have the ability to buy a new home and defer up to 20% of the purchase price via a government equity loan that has to be repaid within 25 years. Interest is not charged till after 5 years allowing you time to establish yourself in your new home.
What it will also potentially mean is lower mortgage rates as you may only need to borrow 75% of the property value and therefore able to benefit from some great rates. The scheme is similar to the original government scheme, First Buy but has the restrictions of only being available to First Time Buyers removed. In addition income restrictions and the maximum number of bedrooms allowed has also been taken away. The Home Buy Agent will still check applications to ensure the new guidelines are adhered to but the criteria appears to be a lot easier to follow.
Looking at the volume of enquiries we have received so far, we are expecting this to be very popular and would suggest anyone thinking about moving does so quickly in order for them to secure the home of their dreams.
Adam Champion
New Build Sales Director
New Homes Mortgage Helpline
April 2013
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