Second steppers in the South East say rising prices have had a positive impact on their ability to move up the housing ladder and with Help to Buy available they could find that their money goes further.
While a report from Lloyds Bank says most second steppers are no longer trapped in negative equity, many still see raising a deposit as a barrier to moving. But those who purchase a new home at Saxon Woods in Hamstreet with Help to Buy should only need a relatively small deposit of around 5 percent.
Rachael Baillie, sales director for Redrow Homes (South East), explains:
“Rising prices and an increase in first time buyers have increased confidence amongst first time sellers looking to move up the property ladder. In many cases while their equity position has certainly improved, they still face a shortfall in being able to achieve their dream of a buying a semi-detached or detached home. What they may not realise is that providing they’ve sold their current property subject to contract they could use Help to Buy to reduce the initial cost of a brand new home.
“For example, at Saxon Woods a four-bedroom semi-detached York usually costing £324,995 can be snapped up for an initial outlay of £259,995 with Help to Buy.”
The lower price includes a customer deposit of around £16,250 and 75 percent mortgage from the customer’s chosen lender. The remaining 20 percent is covered by the equity loan, which is interest free for fives years.
The York offers three floors of well-planned accommodation designed for ease of living.
To the ground floor, there’s an open plan kitchen and dining room with French doors that open onto the rear garden, a relaxing lounge to the front, plus laundry area and cloakroom.
Three bedrooms and the family bathroom are on the first floor. The crowning glory of the property is the master bedroom and en-suite on the top floor.
Saxon Woods also offers a choice of more traditional two storey designs, with Help to Buy available on properties priced up to £600,000.
Located off Lancaster Close, the new homes are just a short walk away from Hamstreet station, with London St Pancras within an hour’s journey. There’s also a choice of schools nearby and a bustling village centre that’s home to shops and eateries. Homeowners can explore the local area via a myriad of footpaths or take a stroll along the towpath of the Royal Military Canal or through Hamstreet Woods Nature Reserve.