General News

Homeowners upsize their aspirations with Help to Buy

Jun. 21, 2017

Help to Buy is well known for rejuvenating the housing market by giving first-time buyers a much needed route to home ownership, but it’s less widely appreciated that the government-backed scheme has also assisted countless homebuyers further up the property ladder.

Numerous homeowners have used its equity loan of up to 20%, which is interest-free for five years, to upsize to a larger, more luxurious home than they could otherwise afford. This is certainly apparent at Prospect Homes’ current developments, where Help to Buy has facilitated a move to a spacious family home for many second-time and third-time purchasers.

Sales and Marketing Director, Christine Kynaston, said:

“Help to Buy has been around for several years but it’s still a common misconception that the scheme is purely a vehicle for first-time buyers.

Many homeowners visiting our developments are surprised and delighted to learn that they are entitled to take advantage of Help to Buy. They have subsequently used its equity loan to reduce their mortgage percentage. This allows them to access a mortgage with a lower interest rate and it also means, like first-time buyers, they can move with a deposit as low as 5%.”

“Ultimately, Help to Buy has raised the aspirations of many homeowners by enabling them to upsize to a new home of a much larger size and much better specification. It remains a popular option for homebuyers of all budgets at our current developments in Yorkshire and the Northwest.”

We offer Help To Buy on a wide range of highly specified two, three and four bedroom homes is currently available across Riversleigh in Warton, the Maine Place in Manchester, Pennine View in Bradford, Strawberry Fields in Gisburn, Valley View near Rochdale, Hall Drive Park in Alsager, Manor Green in Holmes Chapel, Orchard Fields in Shavington and Buckshaw Central in Buckshaw Village, near Chorley. As an alternative to Help to Buy, a number of developments offer part exchange on selected plots. Find out about the different ways you can buy a Prospect home here.

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