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Housing developer says Help to Buy has proved a great success in the new homes market

A Devon-based property developer has said that the Government’s Help to Buy scheme is helping buyers realise their dream of moving into a new home.

Barnstaple, North Devon (PRWEB UK) 23 December 2013

Devonshire Homes announced in June that all three and four bedroom properties at its executive North Devon family home development, Rumsam Meadows, would be available through the equity loan scheme.

Jane Pearce, Sales Manager at Devonshire Homes, said: “Help to Buy is designed to assist not just first time buyers but also those existing home owners looking to move up the property ladder.

“Based on the purchase price buyers need just a 5% deposit, the Government contributes 20% through an equity loan and then the purchaser secures a mortgage for the remaining 75%.”

Since being approved earlier this summer for Help to Buy, Julian and Jackie Black bought a three-bed home at Rumsam Meadows. They had been looking for a property in the area that would be convenient for work and the local Park School their son attends. With a shortlist of requirements including the development’s proximity to local amenities, the couple visited the onsite show home and were delighted to find out that the Help to Buy scheme was available at this development.

Julian explained: “We were really attracted by the quality and look of the houses at this particular development. Finished to a high quality specification throughout, the homes had a real luxury feel to them that we had not been expecting.

“However, like many other potential home-owners we were restricted by the barrier of steep mortgage deposits and unconfident lenders that made finding the right size property in the right location at an affordable price almost impossible. You can imagine how pleased my wife and I were when the sales team at Devonshire Homes pointed out that we could apply for the scheme to purchase the exact house we wanted.

“Once we passed the criteria, we applied for the interest-free loan of 20 per cent of the value of our desired home and we were able to then confidently approach our mortgage lender with our own five per cent deposit easily achieved. Throughout the whole process the team at Devonshire Homes were extremely helpful and didn’t mind taking us through the detail and answering our questions about the scheme.”

Jackie added: “If you told me a year I ago I would be happily settled in my dream home, I would not have believed you. The Help to Buy scheme is a fantastic opportunity to make that all important move up the property ladder and with the support of Devonshire Homes I can say in all honesty that moving was far less stressful than I had anticipated!”

Devonshire Homes is also seeing sales of new homes using Help to Buy at its other developments, such as Gilbert Scott Way in Tiverton where 7% of open market homes in phase 1 have been purchased using the scheme in the past two months. The company will be able to offer Help to Buy on the majority of the 103 homes scheduled to be completed by March 2015.


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