THE NEWBUY scheme for new home buyers will provide a much-needed boost to an industry that has been under the cosh in recent years, said one housebuilder.
The NewBuy 95% mortgage, jointly funded by the housing developers and the Government, sees major high street lenders offering NewBuy mortgages at competitive interest rates that are intended to help people to move and first-time buyers to get on the housing ladder.
Bellway Sales Director Maria Seed said: “The launch of NewBuy is a very welcome initiative that will increase the size of the housing market. Typically, buyers in the past have had to find a deposit of at least 10%, by reducing the size of the deposit to 5% will mean more people will be able to apply for a mortgage.”
The company has developments in Barnsley and Doncaster.
According to the Council of Mortgage Lenders, only 36% of first-time buyers were able to buy their homes without any financial help from family and friends in the third quarter of 2011.
The average deposit required by someone buying a home without financial help is more than £26,000, double that needed in 2007, when 63% of first-time buyers bought without any assistance.
Taylor Wimpey is offering NewBuy on selected homes at The Carriages and Aston Park developments in Sheffield. Properties range from two-bedroom apartments to four-bedroom detached homes. With prices starting from £114,995, buyers would need a deposit of £5,749.75 under the NewBuy scheme.”
For further information about The Carriages ring 0845 026 5552 or call into the sales information centre in Staniforth Road, Darnall, which is open seven days a week, 11am to 5pm.
The firm is celebrating being awarded the maximum five-star rating for customer satisfaction in an independent survey by the Home Builders’ Federation (HBF).
The HBF survey is sent to all new home purchasers eight weeks after their moving-in date and asks them to rate their house builder on the service they received and the quality of their new home.