Time running out to move up the property ladder with Help to Buy
21 Mar 2019 04:07
Published by: Danny Almond
Time is running out to move up the property ladder in Preston with Help to Buy
Home-owners should act quickly if they want to take advantage of an interest-free loan to move up the property ladder, according to Jones Homes.
The company’s Lancashire division offers Help to Buy at each of its three developments in Preston.
The government-backed scheme enables people to secure a new home with a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is provided as an equity loan which is interest-free for five years.
Help to Buy is available to people who already own a home, as well as first-time buyers, but cannot be used to purchase a second home. From 2021, it will only be available to first-time buyers.
Carol Barlow, Sales Director for Jones Homes Lancashire, said: “Since its launch in 2013, Help to Buy has helped growing families to purchase a house with the space they need, as well as helping first-time buyers to enter the market.
“The second step on the ladder can be just as difficult to achieve as the first, so Help to Buy is a valuable tool for many looking to move up. It also offers a helping hand to people who have previously owned a home and want to return to the market.
“Neither of these options will be available once the scheme is revised – and the 2021 deadline will approach quickly. It’s important to remember to secure a specific home within a new development you may need to make your reservation some months before it is ready to move into.
“We would encourage anyone who is looking to take advantage of Help to Buy to make contact soon. This could be a once-in-a-lifetime opportunity.
“Our staff are happy to explain everything it entails and can recommend independent financial advisors so they can be fully informed before making a decision on their next move.”
Regional price caps will be imposed when Help to Buy is revised. In the North West, first-time buyers will be able to use the scheme to secure a property priced up to £224,000.
Jones Homes is currently building at Walton Meadows in Duddle Lane, Walton-le-Dale; Ribbleswood Chase in Hoyles Lane, Cottam; and Greenhill Gate in Claytongate Drive, Penwortham.
More information about Jones Homes developments across Lancashire is available at jones-homes.co.uk.
NOTES TO EDITORS
• Jones Homes is one of the country’s leading housebuilders.
• Established in 1959, Jones Homes has built a reputation for building beautiful homes in sought-after locations.
• The company is privately owned and builds more than 600 homes in the UK every year.
• Jones Homes head office is located in Alderley Edge, Cheshire, and the company has regional offices in Lancashire, Yorkshire and Kent.
• Jones Homes is part of The Emerson Group, a family-owned property development company which owns and manages a commercial property portfolio worth more than £1bn.
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