County Durham-based developer, Dere Street Homes, have joined the Government’s ‘Help To Buy’ scheme and are now able to offer the low deposit benefits to buyers of their range of new homes at the Westfields development off Brierton lane in Hartlepool.
The scheme offers buyers of new homes an equity loan of up to 20% of the cost of a new built home. The loan is interest free for the first five years with interest only charged in the sixth year and thereafter and, in essence, means a buyer of a new built home only needs to find 5% of the cost of the home as a deposit, with the 20% Help to Buy loan making up the remainder of the deposit and a 75% mortgage making up the remainder of the total cost of the home.
Dere Street Homes’ Sales Director, Marie McQuaid, explained, “The Help to Buy scheme is a national Government initiative designed to boost sales of new homes and the construction industry generally by removing the initial obstacle of the 25% deposit usually required.”
“For buyers of new homes which are not covered by the scheme, this would mean on, for example, a £200,000 home, the buyers would have to find £50,000 for the 25% deposit, with the normal 75% mortgage making up the remainder. With Help to Buy, however, they only have to find a £10,000 or 5% deposit, with the Government loan providing the additional £40,000 or 20% and the mortgage remaining the same.”
“It’s a massive help to buyers as we know from talking to potential customers that the deposit can be a huge problem so we’re very hopeful that the Scheme will work to enable new home buyers purchase their ideal homes.”
The Westfields development offers a superb range of 2, 3 and 4 bedroom new homes at the top of Brierton Lane on the west side of the town, yet in easy reach of the town centre and marina. All homes are designed and built to the highest standards and specification including modern kitchens, fitted wardrobes, fully turfed rear gardens and fencing. These homes incorporate extremely high levels of energy efficiency, thereby saving home owners money in the long run on their fuel costs.
Prices released for sale start from £114,950 with full details available from Westfields Sales Centre 01429 289613 (open Thursday to Monday 10.00am – 5.00pm), Dere Street Head Office 0191 3736535, or www.derestreethomes.co.uk.