CD Hood commercial builders in Cambridge, are pleased to see that the government are introducing the new Help to Buy scheme as it could help to revive the market, it is aimed to help both first-time buyer and second steppers to move into a new home.
The government, who has pledged to give £130 million into this new scheme, will offer people the opportunity to move up or into a new home with only a 5% deposit. Details of the new Help to Buy are still to be revealed, but it is thought that the government will be offering buyers the chance to borrow 20% of the deposit they need, at an interest free rate for 5 years.
There are two types of loans on offer:
• Help To Buy mortgage guarantees - available from 2014
The Help to Buy supersedes the New Buy scheme, where only first-time buyers were able to buy a new build home, with a cap of £600,000.
Osborne stated: “Deposits for a mortgage have put ownership beyond the majority of consumers. Not only is this a blow to home ownership aspirations, it’s a blow to social mobility.”
If you are looking to invest in a new build home, then why not give CD Hood a call and our team will be able to help you to plan your home build from concept with our team of architects to finish build.