Spring into countryside living with ‘Help to Buy’
As nature bursts into life, springtime is when many people look at buying a new home. This spring, Storey Homes is offering an affordable way to buy one of their new houses set within a stunning countryside location at Vulcan Rise near Ramsey, Cambridgeshire. Thanks to the ‘Help to Buy’ scheme announced in the Chancellor’s budget on 20th March buyers can secure a new home with just a 5% deposit!
Under the new initiative, a buyer hoping to purchase a newly built home will be able to take out a mortgage for just 75% of the cost of the property, provided they can put down a 5% deposit. Those who qualify will be eligible for an equity loan worth up to 20% of the value of the property, funded by the government, which will be interest-free for the first five years.
Matthew Storey of Storey Homes commented: “We are delighted to be able to offer first time buyers and existing home owners an opportunity to secure their dream home at Vulcan Rise through the ‘Help To Buy’ initiative. The scheme is great news for buyers who would normally be expected to save twice their annual income to have enough money to put down a 20% deposit.”
The new initiative is an expansion of an existing scheme called FirstBuy, which went live in 2011, but the new version is open to those looking to move up the housing ladder, as well as first-time buyers. It also has fewer restrictions than FirstBuy; the maximum property price that will be considered is £600,000 and there is no cap on the maximum amount someone can earn to be eligible.
Prices at Vulcan Rise start at £179,950 for a two bedroom property, which requires a 5% deposit of £8,997, a mortgage to be arranged for £134,963 and the balance of £35,990 is provided by the ‘Help to Buy’ equity loan.
The two, three and four bedroom houses at Vulcan Rise come complete with garages and are finished to a high specification. All homes feature specialist designer kitchens with A+ rated energy efficient appliances, luxury bathrooms and en-suite shower rooms to the master bedrooms. The homes also have impressive green credentials in the form of air source heat pumps which extract heat from the outside air which is used to heat radiators, thus reducing fuel bills.
Vulcan Rise enjoys a picturesque location surrounded by stunning countryside and is located at Valiant Square, the previous development by Storey located on the former Ministry of Defence site at Ramsey. Valiant Square previously provided accommodation for married officers serving at RAF Upwood, which originally opened in 1917, closed in 1995 and played a major role in the character and recent history of nearby Bury and Ramsey.
Situated about 20 minutes from the A1 running north and south and within 15 minutes of the A14 running east and west, residents have easy access to surrounding towns and villages. Huntington is around 20 minutes away and Peterborough can be reached in 25 minutes; both are served by mainline railway stations into London.
Prices at Vulcan Rise start from £179,950 for a two bedroom home. For more information, visit storey-homes.co.uk.
