Buying and owning your own home was once considered a rite of passage for anyone in their 20s but in recent times the age of first time buyers had gradually increased.
Now, due to a Government scheme designed to help people take a step on to the property ladder, research by the Mortgage Advice Bureau has shown that the age of the average first time buyer has been reduced by almost six years
Help to Buy offers assistance for buyers who only have a small deposit of around five per cent through the provision of a 20 per cent equity loan from the Government for those who meet the qualifying criteria. This means that buyers only need to secure up to a 75 per cent mortgage from a bank or building society.
“We have been offering the scheme to prospective buyers since its inception in April 2013 and we have helped over 100 buyers in the Yorkshire region alone,” said Steve McElroy sales director Miller Homes Yorkshire. “It was important that first time buyers who struggled to save deposits during the economic downturn were given a helping hand and it is pleasing to see that it has had a positive effect on the first time buyer market.”
Miller Homes offers the scheme on a variety of properties across the region including stylish apartments as well as larger homes.
Paul Jackson, a Minster View resident purchased his first home through the scheme and commented: “Help to Buy was a great way to make sure we got a fantastic, five bedroom detached Miller home in which we could put down some roots for our future together. It helped us make a smooth transition from rented to home ownership and the team at Miller Homes made the entire process enjoyable with their professionalism and attention to detail.”
Steve concluded, “We recognise that Help to Buy may not suit everyone but the scheme has definitely proved a useful tool in supporting buyers, housebuilders and the housing industry.”
Miller Homes has nine developments located across the region. Properties range from two bedroom apartment priced from £89,995 to five bedroom luxury homes priced from £199,995. Further information can be found by visiting www.millerhomes.co.uk or by visiting http://www.helptobuy.org.uk/
Help to Buy loans are provided by the Government’s Homes & Community Agency (HCA) and are secured over your new home. over a period of 25 years.
Help to Buy is available on properties up to a maximum value of £600,000 in England. A five per cent deposit is required by the lender.
More may be required depending upon circumstances and your lender’s criteria.
Help to Buy is subject to eligibility and terms and conditions. Terms and conditions apply.
Your home may be repossessed if you do not keep up repayments.