×


Home About Contribute Media Kit Contact Sign In
×







.


Property Industry News

Local Property Experts Weigh in on New Help to Buy Equity Loan Scheme


The new Help to Buy Equity Loan scheme is coming in to play for buyers, and for those in the North West, this will mean some changes. Here, local property experts weigh in.

Local Property Experts Weigh in on New Help to Buy Equity Loan Scheme


"The new Equity Loan scheme is only available on new build properties and will help those with a 5 deposit buy their first home"
Clare Noakes, Sales Director



The new Help to Buy: Equity Loan scheme is coming in to play for buyers, and for those in the North West, this will mean some changes. Applicants could register for the loan, which is interest free for the first five years, from 16th December last year and the scheme is available for legal completions taking place between 1st April 2021 until 31st March 2023.

RSC New Homes, financial advisors to Miller Homes North West report that they have seen a surge in enquiries since the new scheme was launched, likely due to it being specifically tailored to helping first time buyers get onto the property ladder.

The Equity Loan scheme is a repayable loan from the government of 20% of the purchase price of your property. The loan is interest free for five years and is taken into consideration by mortgage lenders as a boost to the amount that a buyer has saved for a deposit. For budding home buyers, there’s a lot of information to consider and navigate. Below, local property experts weigh in on the main points of the new Equity Loan scheme, and its benefits for first time buyers.

Clare Noakes, Sales Director for Miller Homes North West says: “One of the biggest changes of the scheme is that it is now only available for first time buyers. Before, current property owners were able to take advantage of the perks too.”

“Another big change is that regional price caps have been introduced. For example, for buyers in the north west, you can only use the Equity Loan scheme on properties with a purchase price of £224,400 or below. These price caps vary by region.” She adds.

Andy Mannion, Financial Advisor at RSC New Homes explains: “The main benefits are that lenders see the Equity Loan as an additional deposit from buyers, meaning that mortgage rates at 75% are available to purchasers which are much more competitive than 90% mortgages.”

Andy adds that the new scheme means that buyers can continue to enjoy “the energy efficient benefits of purchasing a new build home” as opposed to an older build.

House hunters can find out more information about the Help To Buy Equity Loan scheme on the Government website or via a local Equity Loan agent, and for high-quality new homes in the North West, you can visit the Miller Homes website.

.


Property Business News - Investing in some greenery is a simple and often overlooked design technique that can breathe new life into an office space. It s not just the aesthetic difference they make - bringing nature indoors so called biophilic design has huge positive impacts on office employees.


Plant Appreciation Day - Choosing Plants For Your Office

Property Business News - An enterprising businesswoman is looking forward to restrictions being lifted so that she can re-open her luxurious beauty salon in Swindon, Dudley, having purchased the building it is located in with an ambitious vision for future growth.


Beauty therapist with a flair for business makes commercial property investment

Property Business News - Almost 200 homeowners and 30 team members at six retirement communities across the North West have received their first dose of the Coronavirus vaccine. Adlington Retirement Living, which owns the developments, has on-site management teams who have helped homeowners to book their individual appointments.


Adlington Retirement Living communities complete first round of Covid vaccines

Property Business News - Lesley Tattershall now leads a team of nine six duty managers, two housekeepers and a maintenance technician at Jacobs Gate in Sheffield. With more than 16 years of experience in health and social care, Lesley is excited about putting her skills to good use in a very different environment with Adlington Management Services.


Adlington Management Services appoints GM for new Sheffield development

Property Business News - The decision to buy a house is one of the biggest you ll make in your life. But whether you re looking for your first house or forever home, you must test the impact it will have on your life. From the cost, location, and life direction, you need to check that you re ready for the big move.


Life Questions to Ask Yourself Before Buying a House

Property Business News - National housebuilder, Miller Homes recently released a collection of 3 and 4 bedroom homes at The Calders, a housing development located in the beautiful hillside village ...


Housebuilder Predicts Positive Year After Strong Start in Lancashire






Ten Times Ten

We transform your bright ideas into brilliant digital products.