Because growing families can be first time buyers too …
AT 31 years old the average first time buyer may need a home to accommodate a growing family, not just themselves; and Harrogate buyers could find that Help to Buy gives their finances the boost they need to buy bigger.
At Devonshire Gardens on Claro Road, there are four and five-bedroom homes now available, with a further selection of three and four-bedroom homes coming soon. They are well-suited to those wanting to step onto the property ladder but who also require room for their family to grow.
The Government’s Help to Buy scheme is available on all of the homes, reducing the initial outlay required and making moving to a brand new home more achievable than first time buyers might think.
Help to Buy is ideal for those who may not have built up a substantial deposit to buy a home because customers should only need to put down 5% of the property’s value. The remainder is covered by an equity loan for up to 20% of the purchase price and a 75% mortgage from a lender of choice. The equity loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Patsy Aicken, sales director for Redrow Homes (Yorkshire), said: “The idea of a starter property having just two bedrooms is perhaps outdated. Many people are already planning a family by the time they buy their first home or may even have children.
“The homes at Devonshire Gardens are full of family-friendly features, making them ideal for such customers who won’t find themselves having to move again in a few years’ time. Plus with Help to Buy available, there’s the chance to reduce the initial cost and set up home with only a 5% deposit.”
For instance, a five-bedroom Cleveland Grand style home, on the market at £344,950, could be purchased for an initial outlay of £275,960 with Help to Buy. The lower price includes a 5% customer deposit of £17,257.
The Help to Buy scheme has now been used in more than 62,500 home purchases in UK since it was introduced in April 2013 with 81% of those properties sold to first time buyers.
Patsy added: “Devonshire Gardens is in a great spot for families and young professionals as it’s close to the city but also has schools within walking distance as well as nearby parks. Harrogate has also been voted the ‘Happiest place to live’ by Rightmove for three consecutive years, in 2013, 2014 and 2015, so that’s a lovely accolade for families to go by if they are considering moving to the area.”
A new show home has recently opened and is welcoming visitors daily from 10am to 5.30pm. Find out about homes available now or in the future at redrow.co.uk/devonshire.
