Help to Buy makes the difference for home buyers in Plymouth

More than 750 homebuyers in Plymouth have used Help to Buy to get on to the housing ladder or move to a larger home.

Figures for the first four years of Help to Buy reveal that 764 have used the scheme since it was launched in April 2013.

First time buyers accounted for 81 per cent of sales and local housebuilder Barratt Homes says the scheme has been a real game changer for many people.

Sara Parker, sales director for Barratt Homes, said: “Plymouth has produced some strong results for the Help to Buy scheme and it is great to see such high figures in the area.”

The scheme enables anyone, both first time buyers and existing owners, to put down just five per cent as a deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.

Help to Buy allows any homebuyer to secure a brand new home under the value of £600,000 with just a five per cent deposit. The government lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage. Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.

“Help to Buy has proved extremely valuable to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch,” added Sara.

On the Barratt Home website there is lots more information on Help to Buy - http://www.barratthomes.co.uk/Offers/Help-to-Buy/ together with a handy calculator which shows how much people can borrow using the scheme.

Barratt Homes is currently working on new developments in Plymouth including Reflections and Redwood Heights. For more information call 0844 5710 385 or visit www.barratthomes.co.uk.