SmartNewHomes

Taylor Wimpey will host an event at its development in Dorset, Magnolia Mews, for house hunters interested in the new Help To Buy scheme.

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  • Taylor Wimpey has welcomed the Government's new initiative, which aims to help more than 75,000 buyers across the country purchase a new home.

    Fiona Creed, regional sales and marketing director for Taylor Wimpey in the Southern Counties, said the new measures were good news for local buyers who could not otherwise afford to buy because of the large deposits required by mortgage lenders.

    Creed comments: "We've seen some very positive signs that recovery in the housing market in the south is now underway and the measures announced by the chancellor will go a long way towards boosting confidence and encouraging further improvement.

    "We've had fantastic success with previous Government schemes such as NewBuy and First Buy. In fact, in 2012 we supported 1,750 people across the UK buy a new home using the initiatives. The new Help To Buy scheme is sure to prove just as popular and will make a huge difference to both first and second time buyers who can afford the monthly repayments on a mortgage but not the hefty deposit.

    "We want to inform people how Help to Buy could make all the difference in purchasing a brand new home. At our site in Crossways, those interested in the scheme will be able to ask an IFA representative any queries they have in order to get a better idea of how the Government-backed scheme can directly benefit them."

    The proposed Help To Buy measures include an equity loan scheme, which will be available on new build properties up to the value of £600,000. There is no salary cap for purchasers using the equity loan scheme, and it is available to both first time buyers and existing home owners alike. Eligible purchasers will receive a Government loan of 20 per cent, which means that they only need to put down a 5 per cent deposit and obtain a 75 per cent loan-to-value mortgage.

    The existing Government-backed NewBuy scheme is still available on homes up to £500,000. With NewBuy, credit-worthy first time buyers only need to save a 5 per cent deposit before they can get on the property ladder, while existing homeowners can also benefit from the increase in availability of 95 per cent loan to value mortgages.

    The event at Magnolia Mews, which is located at 1 Squadron Place in Crossways, will be held on April 20. Magnolia Mews currently has a range of two and three bedroom homes on offer which are available with incentives.

    Prices start from £182,000 for a two bedroom home, through Help to Buy this is available with just a £9,100 deposit together with a Government loan of £36,400 and a loan-to-value mortgage of just £136,500.

    First Buy closed to new applications in April 2013. For the latest incentives, click here.

    Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advice from a qualified professional.

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