Member Article

Thousands use Help to Buy in Devon

A government initiative is helping thousands of families in Devon get on to the housing ladder or move to a larger home.

New figures released by government reveal that a total of 2,695 homebuyers in Devon have used the Help to Buy scheme since it was launched in April 2013 with 81 per cent of these being first time buyers.

Local housebuilder Barratt Homes is encouraging homebuyers throughout Devon to take part in the popular scheme which has already helped tens of thousands of people across the country to buy a brand new home. 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.

Sara Parker, sales director for Barratt Homes, said: “Devon has produced some strong results for the Help to Buy scheme and it is great to see the districts achieving such high figures for the scheme in the county. Help to Buy has proved so helpful to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”

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.

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 the county developments in Plymouth, Exeter, Newton Abbot and Cullompton. For more information call 0844 5710 385 or visit www.barratthomes.co.uk .

Breakdown of total Help to Buy sales within Devon since the scheme launched in April 2013

Districts in Devon: Total number

East Devon: 614

Exeter: 479

North Devon: 123

Mid Devon: 189

Torridge: 156

West Devon: 84

Teignbridge: 472

Torbay: 136

South Hams: 70

Plymouth: 721

TOTAL: 3044

This was posted in Bdaily's Members' News section by Barratt Homes .