Help to Buy extension welcomed
06 May 2014
Persimmon Homes Thames Valley welcomes the anniversary of the Government’s Help to Buy scheme and believes it has helped reinforce the housing market and boost the construction industry.
Ian Menham, managing director at Persimmon Homes Thames Valley, says: “The extension of the Government’s Help to Buy equity loan scheme announced during the budget is great news for both buyers and the industry.
“Since the introduction of the scheme a year ago, the housing market has improved and new employment opportunities have been created. Its extension will create greater confidence amongst house buyers and confirm the benefits of buying new build properties.”
Claire Simpson (30) moved into her new three bedroom home at Persimmon Homes’ Cumnor Ridge development in North Oxfordshire in December. She and her husband had been looking to relocate to the county after she secured a new job as an engineer for a Formula 1 racing team.
She says: “Help to Buy definitely enabled us to make our next move and opened up more opportunities for us to search for a new home. We looked around the whole of Oxford, both new build and older properties, but this development seemed to tick all the boxes in terms of the choice of house types and location.
“The fact that it was a new build development was very appealing to us. We had embarked on a ‘project’ on our previous home in Reading and we were looking for something that was ready to move in to immediately. We were able to choose carpets and flooring so we could put our personal stamp on our home without having to do any of the work ourselves.
“With a new build home it also meant that we were able to access the equity loan element of Help to Buy which made the move more affordable.
“The sales advisors helped us through the whole process, explaining how the equity loan scheme element worked. We then spoke to an independent financial advisor who talked us through the financial details.
“We would definitely recommend Help to Buy to others looking to move or buy their first home.”
To take up the scheme, the purchaser needs just a five per cent deposit and receives an equity loan from the Government for 20 per cent of the property’s value. This is interest and repayment free for the first five years. A mortgage is then secured on the remaining amount.
Help to Buy is also available in conjunction with Home Change for customers with an existing property to sell. Sales advisors arrange a valuation of the customer’s property, agree a price and then market the property on their behalf. There are no estate agent fees or headaches - everything is taken care of.