Nearly 100 people have been able to step on the property ladder at a new housing development in Nuneaton, thanks to the Government-backed Help to Buy initiative.
Bellway has revealed that 97 households have used the scheme to move to a new home at its Royal Park development, off The Long Shoot.
Buyers who purchased on this Help to Buy scheme were able to buy a new-build home up to the value of £600,000 with a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is then provided as an equity loan, interest free for the first five years.
Marie Richards, Sales Director of Bellway West Midlands, said: “Help to Buy has been instrumental in helping people purchase their dream home and, here at Royal Park, we’ve seen nearly 100 people take advantage of its assistance.
“Saving for a deposit is one of the most daunting tasks a homebuyer faces, so by requiring a deposit of just five per cent, the scheme has meant many of our buyers here have been able save for their first home, or a larger next home, far quicker than they originally anticipated.
“Royal Park has also been popular because it has proven to be great value for money. It is close to both the A5 and M6 so commuters are well served and Nuneaton’s amenities are within easy reach.
“The range of homes we are building here are perfect for first-time buyers and downsizers as well as families who have outgrown their existing home and are looking for more space.”
There’s currently a choice of four and five-bedroom houses available to reserve at The Long Shoot, with prices starting from £282,995.
Those buying the four-bedroom Mapleton family home, priced at £343,500, will be able to save up to £7,000 in stamp duty costs if they complete their purchase by 31 March 2020, which is when the current stamp duty holiday comes to an end.
Bellway is currently building its third phase of homes at Royal Park and will be releasing a new selection of homes for sale in early 2021.
Help to Buy was previously open to home movers and first-time buyers. It has been replaced by a new regional price caped scheme for first-time buyers only – £255,600 for the West Midlands.
The third phase of homes at Royal Park will include more properties eligible for Help to Buy.
For more information about the development, call the sales team on 024 7648 1857 or visit bellway.co.uk.