Low deposits and no stamp duty on new homes in Nottinghamshire
Would-be homeowners should act fast if they want to get more for their money when they buy their first home.
New Redrow homes at Mill Hill in Bingham are competitively priced and thanks to FirstBuy they’re even more affordable as the valuable help offers purchasers the chance to put off paying 20% of the price by taking out an equity loan.
Customers shouldn’t need a large cash deposit and could find that savings of £7,200 plus a mortgage of £136,796* are enough to purchase a three-bedroom home available on the open market at £179,995.
And those who complete the purchase of their new home before March could avoid paying stamp duty when the stamp duty threshold for first time buyers reverts to £125,000.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explained: “With lenders often requiring a deposit of 20% of the price of a home it’s taking longer for people to accumulate enough cash up front. It means the age that people buy their first home is rising and according to the Bank of England could be as high as 44. However, FirstBuy means homeowners could find they are able to step onto the property ladder much sooner, without having to scrimp and save.
“But time is of the essence for those who want the best value for their money as the stamp duty holiday up to £250,000 for first time buyers ends in March. Buyers who wait until then could have to find an extra 1% on top of the price of their home to pay the stamp duty on their purchase.”
From March those who buy a home priced at £125,000 or more will have to pay stamp duty. It means that someone who buys a three-bedroom home at Mill Hill for £179,995 or £143,996** with FirstBuy will have to pay an extra £1,800 in tax.
Buyers who act now could invest the money they save in stamp duty in furnishing their new home at Mill Hill.
“First time buyers may think that they have to settle for an older property that’s in need of lots of work to be able to afford a home of their own, but thanks to FirstBuy they won’t have to compromise on style to be able to afford a new home,” Pauline added.
“They may even find that their mortgage repayments are lower than the rent for a similar-sized property would be. It means that instead of asking if they can afford to buy, they should be asking if they can afford not to.”
FirstBuy is open to first time buyers and those returning to homeownership. To be eligible for the scheme purchasers must have an annual household income of less than £60,000.
To discover more about the valuable help, visit redrow.co.uk.
