At 31 years of age, the average first-time buyer may need a home to accommodate a growing family and Shropshire buyers could find that Help to Buy gives their finances the boost they need to buy bigger.
At The Coppice, Leegomery, there are three and four-bedroom homes available that are well-suited to those wanting to step onto the property ladder but who also require room for their family to grow.
What’s more, the government’s Help to Buy scheme is available on all of the homes, reducing the initial outlay required and making moving to a brand new home more achievable than first time buyers might think.
Help to Buy is ideal for those who may not have built up a substantial deposit to buy a home because customers should only need to put down 5% of the property’s value. The remainder is covered by an equity loan for up to 20% of the purchase price and a 75 per cent mortgage from a lender of choice. The equity loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Pauline Turnbull, sales director for Redrow Homes (Midlands), said:
“It’s not uncommon for people to start a family before buying their first home and so the idea of a starter property having just two bedrooms is perhaps outdated.
“The three and four-bedroom homes at The Coppice are full of family-friendly features, making them ideal for those with children or who want to start a family without having to move again in a few years’ time. Plus with Help to Buy available, there’s the chance to reduce the initial cost and set up home with only a 5 per cent deposit.”
Current availability at The Coppice includes three-bedroom homes from £169,995 and four-bedroom designs from £224,995.
A four-bedroom detached Windsor on the market at £232,995 could be snapped up for an initial outlay of £186,396 with Help to Buy. The lower price includes a 5 per cent customer deposit of £11,650.
The Help to Buy scheme has now been used in more than 62,500 home purchases in UK since it was introduced in April 2013 with 81 per cent of those properties sold to first time buyers.
“The Coppice is in a great spot for families and young professionals as it’s on the edge of an established residential area, with schools within walking distance, nearby parks, plus a specially created woodland walk forms part of the new neighbourhood.”