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Local housebuilder Larkfleet Homes (www.larkfleethomes.co.uk) is giving hard-pressed homebuyers a welcome boost by offering the government’s new ‘Help to Buy’ scheme on several of its developments across the East of England and East Midlands.
The Help to Buy scheme allows homebuyers to potentially own 100 per cent of their new home with just a 75 per cent mortgage and 5 per cent deposit.
With the new scheme, after homebuyers have provided a five per cent deposit and obtained a conventional mortgage for just 75 per cent of the purchase price, they will receive an equity loan from the government for the remaining 20 per cent (subject to approval). The equity loan is interest free for five years and can be repaid at any time or on the sale of the home.
The Help to Buy scheme is different to other government schemes as it is not just available to first-time buyers. Current homeowners selling to buy a new home can also benefit from the scheme and there is no cap on household income in order to be eligible. Furthermore, there is no restriction on the number of bedrooms a property may have, so in theory a single person could purchase a four-bedroom property with the Help to Buy scheme.
Larkfleet managing director Karl Hick commented: “We are delighted to offer the government’s Help to Buy scheme on many of our properties. This furthers our commitment to help first-time buyers, or existing owners simply wanting a new property, to purchase the home of their dreams.
“With Help to Buy, homebuyers can effectively own 100 per cent of a property with just a 75 per cent mortgage and 5 per cent deposit. This will be a great help to many people struggling in the current housing market.”
The government’s Help to Buy scheme is available on properties at Larkfleet’s Abbeyfields development in Bourne (Lincolnshire), its Leighfield Park development in Oakham (Rutland) and The Coppice development in Deeping St James (Lincolnshire).
Larkfleet’s Abbeyfields development is located on the old Co-op site on Spalding Road in Bourne, Lincolnshire, and comprises two and three-bedroom properties with prices starting at just £124,995.
Leighfield Park is the first phase of Oakham Heights, Larkfleet’s major urban expansion of Oakham, located on land between the Oakham bypass and Barleythorpe Road. The development currently offers traditionally-styled three, four and five-bedroom properties starting from £184,995.
Larkfleet is providing allotment gardens for residents at Leighfield Park to encourage a sustainable lifestyle and community. An electric car charging unit is also available on site for residents to use.
The Coppice development – located on the Orchard Field site in Deeping St James – offers 12 two and three-bedroom properties for sale.
Solar photovoltatic (PV) panels will be fitted as standard to every property constructed at The Coppice and Leighfield Park, and to selected properties at Abbeyfields, so homebuyers can benefit from reduced energy bills. The PV panels will produce electricity from daylight, generating useable power even on cloudy days.
Larkfleet also currently offers the government’s NewBuy scheme on some of its developments.
NewBuy is a government-backed ‘mortgage indemnity’ scheme that aims to help people with smaller deposits buy a new-build home. NewBuy allows homebuyers to get a mortgage with a deposit of as little as five per cent of the purchase price. The lenders participating in the scheme will then provide a mortgage of up to 95 per cent of the purchase price if homebuyers meet their qualifying criteria.
Larkfleet Homes is a member of the Larkfleet Group (www.larkfleetgroup.co.uk).
Terms and conditions apply to the Help to Buy scheme. Please visit the Larkfleet Homes website, www.larkfleethomes.co.uk, or contact a sales advisor on 01778 391550 for more information on how the Help to Buy scheme could help you.