The new version of the government backed Help to Buy scheme will be exclusively for first time buyers when it comes into effect on 1st April. With purchasers only needing as little as a 5% deposit, it offers a much-needed boost when it comes to getting on to the property ladder. Award-winning developer Millwood Designer Homes is launching a select number of homes under Help to Buy in the South East, where the price cap for the scheme is £437,600.
Under the renewed scheme, Help to Buy purchasers will be able to access an equity loan funded by the government for up to 20% of the property price, interest free for the first five years. It will only be available on new build properties from a registered housebuilder such as Millwood. However, rather than the larger scale urban developments where Help to Buy is often found, Millwood is offering first time buyers the opportunity to purchase a new home at one of its boutique village developments located in the charming Kent villages of Hawkhurst and Biddenden.
Philip Brown, Sales Director at Millwood Designer Homes, comments: “We are pleased to announce the launch of a limited number of Help to Buy homes at Heartenoak Meadows, our upcoming development in Hawkhurst, and also at The Maltings in Biddenden. We believe these are not typical Help to Buy properties, but a great opportunity to own into an aspirational new community that offers all of the attractions of characterful village living with great access to amenities and countryside. Help to Buy is an excellent stepping-stone for first time buyers that might not otherwise be able to get onto the property ladder, so we expect a strong uptake.”
Since it was first introduced in 2013, Help to Buy has proved hugely popular, helping over 270,000 buyers purchase a home of their own. By focusing it on first time buyers moving forward, the government is focusing its support where it is needed most.
Simon Ellis of agent Wood & Pilcher, working with Millwood at Heartenoak Meadows, comments: “For most first time buyers, finding the money for a deposit is the biggest hurdle in getting onto the property ladder. The main advantage of Help to Buy is that it provides an option for those that can only afford a smaller deposit while ensuring monthly outgoings are manageable.”
Simon continues: “In light of changing circumstances since COVID-19 we are seeing more and more people wanting to move out of urban areas to somewhere with more space and access to countryside, especially as so many people are now working from home and plan to continue to work more flexibly. Whereas the typical Help to Buy purchaser might have been thinking of buying in London, Bromley or Sevenoaks, with developments such as the ones from Millwood, they can find fantastic Help to Buy options in some of the desirable country villages that they might not have previously considered.”
Launching this month, Heartenoak Meadows is Millwood’s latest development perfectly located on the edge of the village of Hawkhurst. Of the collection of traditional style homes, just five houses will be available with Help to Buy. Each home offers an attractive barn-styled exterior and a premium quality interior specification. The new homes are surrounded by countryside, with new meadows and a pond created as part of the landscaping, all within easy walking distance to the village’s many amenities including a primary school, cafes, pubs and a Waitrose.
Also in a prime Kentish countryside location, The Maltings in Biddenden overlooks the High Weald Area of Outstanding Natural Beauty. Currently available through the Help to Buy scheme, the two remaining three-bedroom houses perfectly blend modern and traditional architecture. Residents can enjoy the best in rural living in this hamlet-style development, which forms a seamless extension to the existing charming village.
For first time buyers looking to keep their upfront payments as low as possible, buying a new build home also provides many advantages. All Millwood properties come with fully fitted interiors including high quality décor, flooring in bathrooms and kitchens with integrated appliances, meaning no initial outlay on appliances after moving in. And with a 10-year build warranty all buyers can have complete peace of mind about their new home.
Under the renewed Help to Buy scheme, first time buyers can borrow a minimum of 5% of the purchase price up to a maximum of 20%, which is interest free for five years. With just a 5% deposit required, the buyer takes out a mortgage on the remainder. There are new maximum price caps for each region of England. In Kent and the rest of the South East of England, buyers will have to purchase a property under the threshold of £437,600. The new scheme is already open for purchasers to register, they will then be able to move into their new home from April onwards.
To find out more about the new homes available with Help to Buy at Heartenoak Meadows and The Maltings visit www.millwooddesignerhomes.co.uk