TIME IS RUNNING OUT TO MOVE UP THE PROPERTY LADDER IN BOLTON

17 Jul 2019 10:38
Published by: Daniel Almond

 

Home-owners should act quickly if they want to take advantage of an equity loan to move up the property ladder, according to Jones Homes.

The company’s North West division offers Help to Buy at both its developments in Bolton.

The government-backed scheme enables people to secure a new home with a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is provided as an equity loan, on which no interest is payable within the first five years.

Help to Buy is currently available to homeowners who are looking to move, as well as first-time buyers, but cannot be used to purchase a second home. From 2021, it will only be available to first-time buyers.

Gemma Pownall, Sales and Marketing Director for Jones Homes North West, said: “Since its launch in 2013, Help to Buy has helped growing families to purchase a house with the space they need, as well as helping first-time buyers to enter the market.

“The second step on the ladder can be just as difficult to achieve as the first, so Help to Buy is a valuable tool for many looking to move up. It also offers a helping hand to people who have previously owned a home and want to return to the market.

“Neither of these options will be available once the scheme is revised – and the 2021 deadline will approach quickly. It’s important to remember to secure a specific home within a new development you may need to make your reservation some months before it is ready to move into.

“We would encourage anyone who is looking to take advantage of Help to Buy to make contact soon. This could be a once-in-a-lifetime opportunity.

“Our staff are happy to explain everything it entails and can recommend independent financial advisors so they can be fully informed before making a decision on their next move.”

Regional price caps will be imposed when Help to Buy is revised. In the North West, first-time buyers will be able to use the scheme to secure a property priced up to £224,400.

Jones Homes is currently building at Clevelands, off Chorley New Road in Bolton, and Rivington Grange in Victoria Road, Horwich, and Sanctuary at Last Drop Village in Bromley Cross.

More information about Jones Homes developments across the North West division is available at jones-homes.co.uk

 

You may be interested in