Vistry Eastern has helped more than 600 homebuyers in the region step onto or move up the property ladder with the Help to Buy scheme. The Chelmsford-based housebuilder has sold 647 new properties through its Bovis Homes and Linden Homes brands with Help to Buy since the Government initiative was launched in 2013.
The scheme, which comes to an end next year, was set up to enable purchasers to secure a new-build home with just a five per cent deposit and a 75 per cent mortgage – the remaining 20 per cent being provided in the form of an equity loan from the Government, which is interest free for the first five years of homeownership.
Vistry Eastern, which is part of Vistry Group, incorporating Bovis Homes, Linden Homes and Vistry Partnerships, builds new homes across Norfolk, Suffolk, Cambridgeshire, Hertfordshire and Essex – many of which are eligible to be purchased with Help to Buy.
Jason Colmer, sales and marketing director at Vistry Eastern, said: “Help to Buy has proved to be an invaluable tool for buyers unable to save up for a typical 10 per cent deposit or secure a large mortgage on a new home. We are proud to be part of a scheme which has put the dream of homeownership within reach of many more people – including the 647 households who have purchased using Help to Buy at one of our developments.”
The initiative was initially open to both first-time buyers and existing homeowners purchasing new-build homes priced up to £600,000 before it was revised in April last year.
The new version, which ends in March 2023, is only available to first-time buyers purchasing properties which fall within the relevant regional price cap – ranging from £186,100 in the North East to £600,000 in London.
Jason said: “Although Help to Buy is no longer available to second-steppers, it still represents a fantastic opportunity for first-time buyers looking to get a foot on the property ladder. Vistry Eastern is building hundreds of new homes throughout Essex, Hertfordshire, Norfolk, Suffolk and Cambridgeshire and many of these properties are below the regional price cap of £407,400 in the East of England and £437,600 in the South East.
“Our developments are situated in locations which meet the needs of a wide range of buyers, from people keen to stay close to their families in the region to those looking for a convenient commute to Cambridge, Chelmsford and London.
“First-time buyers who want to use Help to Buy will need to reserve their new home by December 2022 in order to meet the March 2023 deadline. With this timescale in mind, we would recommend that anyone wishing to benefit from the scheme starts searching now.”
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