First time buyers in Sussex will have an opportunity to take their first steps on the property ladder next month, following the launch of a new government-backed Help to Buy scheme.
The newly launched 5% deposit scheme is now exclusive to first time buyers and is available with new homes which are built after 1st April 2021. Available throughout England, there are regional price caps in place which limit the price on Help to Buy homes, which in Sussex is £437,600. This means that homebuyers throughout the county will be able to purchase a range of new homes with the support of Help to Buy.
Local housebuilders Barratt and David Wilson Homes are fully registered with Help to Buy and are ready to assist prospective buyers at their new homes developments throughout the county.
Natalie Perry, Sales Director at Barratt David Wilson Kent, said: “The launch of this new first time buyer-focused Help to Buy scheme is one to be welcomed in Sussex. As well as reducing the upfront deposit typically required for those first time purchasers, it helps make monthly mortgage payments more affordable – especially when compared with rates typically available with a 95% mortgage.”
“Help to Buy will prove especially appealing to those who have limited access to the Bank of Mum and Dad, as well as those who may be caught in the rental trap and finding it hard to make additional savings.”
With Help to Buy, buyers are able to purchase a new home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale of the home.
Lynnette St-Quintin, Sales and Marketing Director for Barratt David Wilson Southern Counties, adds: “Depending upon which development they choose, we have a range of new homes that will fall within the regional price cap for Sussex; including three-bedroom homes at Chalkers Rise in Peacehaven, Wychwood Park in Haywards Heath, and Meadowburne Place in Eastbourne.”
For more information about Help to Buy, call the Barratt and David Wilson Homes sales teams on 0333 355 8498 / 0333 355 8503 or visit www.barratthomes.co.uk / www.dwh.co.uk.