First-time buyers in the county will have an opportunity to take their first steps on the property ladder next month, following the launch of a new Government-backed Help to Buy scheme.
The newly-launched 5% deposit scheme is now exclusive to first time buyers and is available with new homes which are built after April 1. Available throughout England, there are regional price caps in place which limit the price on Help to Buy homes, which in Kent is £437,600. This means that homebuyers throughout the county will be able to purchase a range of new homes with the support of Help to Buy.
Local housebuilder Barratt David Wilson Homes is fully registered with Help to Buy and is ready to assist prospective buyers at its new homes developments throughout the county.
Natalie Perry, sales and marketing director for Barratt David Wilson Kent, says: “The launch of this new first time buyer-focused Help to Buy scheme is one to be welcomed in Kent. As well as reducing the upfront deposit typically required for those first-time purchasers, it helps make monthly mortgage payments more affordable – especially when compared with rates typically available with a 95% mortgage.”
“Help to Buy will prove especially appealing to those who have limited access to the ‘Bank of Mum and Dad’, as well as those who may be caught in the rental trap and finding it hard to make additional savings.”
With Help to Buy, buyers are able to purchase a new home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale on the home.
“We have a range of properties that will fall within the regional price cap for Kent, from two-bedroom homes at Aylesham Village near Canterbury and Dickens Gate in Staplehurst, to larger three-bedroom homes at Richmond Park in Dover and Chilmington Green in Ashford,” says Parry.