First-time buyers can now use the new Help to Buy scheme to get onto the property ladder at a housing development in Hatton.
Ashberry Homes’ Cherry Meadow development, off Station Road, currently has a selection of three-bedroom properties for sale, all of which are eligible for the revised Government initiative.
As with the previous scheme, the new version of Help to Buy scheme enables buyers to purchase a new-build home with a five per cent deposit and a 75 per cent mortgage, with the remaining 20 per cent being provided in the form of an equity loan which is interest free for the first five years of homeownership.
However, unlike its predecessor, the updated scheme is only available to first-time buyers and is restricted to homes which fall within a regional price cap – £261,900 in the East Midlands.
The homes available for reservation under the new Help to Buy scheme at Cherry Meadow include the three-bedroom Stokewood house type, priced from £192,000, and the three-bedroom semi-detached Leighfield, which starts at £230,000.
Heidi Higgins, Sales Manager for Ashberry Homes East Midlands, said: “Help to Buy has made a huge difference to thousands of first-time buyers across the country, by reducing the size of the deposit they need to get onto the property ladder.
“Cherry Meadow has proved particularly popular with first-time buyers due to the desirable village location and attainable prices of the homes. Since the launch of the development last March, a total of 19 homes have been sold, including 11 to first-time buyers. We expect this demand will increase as house-hunters wanting to use Help to Buy focus their searches on properties which meet the new pricing criteria.
“Both the Stokewood and Leighfield house types feature an open-plan kitchen and dining area, separate living room, and en suite to the master bedroom, with a third bedroom which has the potential to be a guest room or home office.
“The new version of Help to Buy is available on purchases completed from 1 April, but customers can apply now to use the new version of the scheme, so I would encourage aspiring homeowners in Derbyshire to get in touch with us to find out more.”
Cherry Meadow features a range of two, three, and four-bedroom homes. Ashberry Homes is providing 385 properties, along with an investment of more than £2.4 million in local services through the planning agreement for the development.
For more information about Cherry Meadow, visit ashberryhomes.co.uk.