If you’re looking to move this year, but think that a contemporary new build apartment or larger family home is out-of-reach, think again.
Here at Stephen, increasing numbers of buyers are snapping up our homes for a lot less than they envisaged – not just first-time buyers but also those moving onto something new, or downsizing.
Up until now (and we’re glad to say that this has changed!), a new build was out of the question for many house-hunters on the grounds of the hefty deposit requirements, especially hard to save for if already forking out for a monthly rent.
However, the ‘Help to Buy (Scotland)’ initiative has changed all of that. Before you think it’s not for you, read on. You might be surprised to learn that your mortgage payments as a home-owner joining an established family development in a whole host of locations could be less than your monthly rental which, let’s face it, gains you nothing.
First of all, let’s run through the important elements of the scheme, and explain how it works.
Help to Buy enables people to put down a deposit of as little as 5% of the selling price, combined with a mortgage of up to 75% of the value of the property.
So you pay just 80% of the property price now, and the remaining 20% is provided by the Scottish Government equity loan. Because this is interest-free for the term of the loan, Help to Buy means that, assuming you qualify, not only is your deposit considerably less but your monthly mortgage repayments could be a lot lower.
And the caveats? The property must be under £250,000, the buyer’s only residence and does not apply to part-exchange or buy-to-let.
So, with the formal bits done and dusted, what can Stephen offer you through the Help to Buy scheme?
The perfect solution, homes which are also eligible for the Help to Buy scheme, lies just outside Perth, in the busy village of Scone. Stephen’s fantastic range of slick ground and upper floor apartments within their own private courtyard comprise of two bedrooms and two bathrooms, as well as their own dedicated parking space. These contemporary homes are made even more attractive due to their comprehensive IKEA package, with the Swedish design house having provided everything from blinds, beds and rugs to mugs, plates and cutlery!
And Help to Buy really is working here. Of the 14 apartments released for sale, 10 have already been sold, half of which have been secured through the Scottish Government scheme, a mix of young and not-so-young, single buyers and couples.
Alternative Stephen properties, also eligible for Help to Buy, can be found within the bustling communities of Errol (West Churchfield) and Brechin (Bearehill), with a selection of two, three and four bedroom homes falling under the £250,000 threshold.
So, to ensure that you don’t miss out on this amazing opportunity, take a look at our website, give us a call or enjoy a trip to one of our showhomes. It’s then just a case of consulting an independent financial advisor, and getting the application process moving.
For finer detail on the new Scottish Government scheme, please visit www.scotland.gov.uk/housing/help-to-buy.