Date published: 13/09/2012
House hunters struggling to get on the property ladder are being encouraged to visit award-winning house builder, Miller Homes, and take advantage of the NewBuy scheme.
NewBuy is an initiative which has been designed to help overcome the large deposit gap for many potential homebuyers by enabling them to purchase a new build property with only a small deposit of 5-10%. Lenders participating in the scheme will then provide a 90-95% loan to value mortgage for those who meet their qualifying criteria.
Christopher Pollard and Melanie Henry, from Darwen, had been living in rented accommodation for 18-months. They have now been able to get on to the property ladder and are due to move into their new home at Woodland Park in Darwen in the next two weeks - all as a result of NewBuy.
Melanie, 23, said: “We thought it would be several years before we would be able to get on to the property ladder and then we heard about NewBuy at Miller Homes.
“Woodland Park is a beautiful setting, it is so peaceful but just a very short walk from the town centre at the same time. It is very close to the countryside but with easy access to all of the local amenities you could wish for. This, together with the added incentive of NewBuy, has been absolutely brilliant for us and Miller Homes has been with us every step of the way. If it hadn’t been for NewBuy we would still have been in rented accommodation.
“Christopher and I are hoping to start a family. It is wonderful to have the security of a new home behind us and that feeling of being on the property ladder.
“NewBuy is a scheme which I would highly recommend.”
95% mortgages had been the norm for decades before the economic crisis and subsequent credit crunch hit in 2007. Since then they have all but disappeared from the market, leaving many potential home buyers unable to realise their dreams of home ownership.
Sue Bolton, Sales Adviser at Woodland Park, said: “NewBuy offers people who didn’t think that they could afford to buy the option of buying a brand new home. It aims to help those who couldn’t afford the deposits required by mortgage lenders but meet the qualifying criteria by allowing them to buy with a 5% deposit.
“New build homes offer some real advantages. They are much cheaper to run compared to second hand homes and don’t require any DIY or alterations to be carried out as everything in them is brand new. I would encourage people to come down to Woodland Park and see what is on offer.”
Stewart Baseley, Executive chairman at the Home Builders Federation added: “We know people want to buy, but many have been thwarted by the current large deposit requirements. NewBuy is proving a lifeline for people as it allows them to buy their dream home with a 5% deposit. Many NewBuy first time buyers had been staying with parents saving a deposit or stuck in a house no longer big enough for their family. NewBuy is proving a real winner for them after such a frustrating time.”
Name: Marie Dunsmuir
Phone: 0870 336 5084