It’s fair to say that being a first-time buyer hasn’t always been easy over the past decade. Many people have struggled to find an affordable route to home ownership, but Help to Buy was a game changer when the scheme was introduced in 2013. Fast-forward six years and, if you’re seeking a foothold on the property ladder, the assistance available in today’s market is as good as it’s been for some time.
With an equity loan of up to 20% which is interest-free for the first five years, Help to Buy has undoubtedly hogged the headlines as a driving force in market activity. Another government-backed scheme has largely slipped under the radar, but it could be an even better option for many people purchasing their first property. Launched in 2015, the Help to Buy ISA provides up to £3,000 towards the cost of a deposit.
If you’re a first-timer buyer and able to save least £1,600 towards the deposit on a home, you can put it into a Help to Buy ISA and the government will add another 25% (tax-free) to your total savings, up to a maximum of £3,000. If you’re buying with a partner, friend or family member, they can also open their own Help to Buy ISA (providing they’re a first-time buyer too) to double your top-up to as much as £6,000. More details on the Help to Buy ISA can be found in a previous article covering the subject – please click here to read more. It’s certainly worth consideration, but don’t spend too long making your decision – the deadline for opening an account is 30 November 2019!
Two years after the launch of the Help to Buy ISA, the government’s Autumn 2017 Budget offered more welcome news for first-time buyers when it announced that they will be exempt from Stamp Duty on the purchase of any property valued up to £300,000. At Orion Homes’ Jubilee Gardens development in Gilberdyke, we’re offering three and four bedroom homes priced from £210,995 to £245,995 – for first-time buyers, that means exemption from the cost of stamp duty amounting to between £1,719.90 and £2,419.90.
All properties at Jubilee Gardens are available with the Help to Buy ISA or Help to Buy, so first-time buyers are certainly well served at this beautiful new development enjoying a quiet semi-rural location. Existing homeowners also have ample incentive to visit soon as they too are eligible for Help to Buy and, to add further temptation into the mix, Orion Homes will pay their stamp duty with reservations off-plan. Help to Buy’s equity loan could reduce the initial price of a Jubilee Gardens property to as little as £168,796.
Help to Buy is available at Orion Homes’ other current developments, including a choice of four and five bedroom detached homes at Vicarage Meadows in Holmfirth and a selection of four bedroom detached homes at The Poplars in Brayton. The latter features some properties priced at £294,995, so stamp duty exemption applies for first-time buyers.
One thing’s for sure – wherever you might be on the property ladder, now is an ideal time to visit one of our developments!