The internet’s awash with advice for first time buyers – with plenty of information and resources to help people buy a home. Arguably though, there’s a lot less informaiton out there for second time purchasers who want support when moving up the property ladder.
We see lots of families joining our community at Woolmer Copse, making the jump into their second – sometimes third – family home, but not all of them area aware of the help that’s on offer; in this article we’re trying to help those customers, with some handy hints and tips on securing that longed-for upsized family home.
“There’s a misconception around Help to Buy,” says our sales manager Jacqui Egan. “This Governmant-backed equity loan is often perceived as being solely for first time buyers, but that’s simply not true. The programme helping lots of customers as they upsize and buy their next home.”
With the Help to Buy equityloan, you only need a 5% deposit and the government gives you 20% as an equity loan. This means your mortgage is only 75%, which gives you access to a wider range of lenders. “This makes it such a viable project for buyers,” continues Jacqui. “It’s a great way of giving people the financial boost needed to make the move to that bigger family home.”
Broad criteria means that almost anyone is eligible for Help to Buy, as long as they don't own another property (aside from the one they’re selling of course), they’re a UK resident and meet the affordability criteria. Help to Buy only applies to brand new properties on building developments throughout England, with a house value of no more than £600,000 – making Woolmer Copse a great choice!
Similarly to many other mortgages, the goal is to eventually pay off the mortgage on your property and own 100% of your home - this is all great news for so many people!
“For the first five years of opting into the Help to Buy: Equity Loan there will be no interest to pay for customers,” continues Jacqui. “After the first five years, customers will only pay the interest of 1.75% of the loan amount at the time of purchase. This percentage will rise in line with RPI (Retail Price Index) every 12 months.”
For the duration of the loan there will be a small £1 / month management fee.
“Yes! Help to Buy is an option for all eligible buyers on our 3, 4 & 5 bedroom terraced, semi-detached and detached houses here at Woolmer Copse in Whitehill & Bordon - making it even easier for customers to join a wonderful and family friendly community, surrounded by woodland or village green views.”
As part of the Prince Philip Park development, it is a highly desirable new area and soon to become a thriving community for families of all sizes, whether looking for room to grow, or downsizing.
With all homes designed to a high specification with modern and spacious living in mind, there is a house style to suit everyone, whatever their requirements.
Interested in finding out more? Visit the Woolmer Copse page