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Ways to Buy a New Home

Because you are buying from a builder and not an individual owner, those builders may be able to offer schemes and incentives, allowing their customers to move forward with a purchase. For example, builders may offer help with a deposit or offer shared equity schemes, meaning you could hold back payment on a percentage of the property's value. Builders may also offer part exchange deals.

Deposit paid

Quite simply the builder may offer you a cash incentive to help fund your deposit or pay for other costs involving moving house. These cash incentives are paid to your solicitor on completion and will need to be declared to your mortgage lender if you are applying for a mortgage. Typically cash incentives can be up to 5% of the purchase price of your new build home.

Assisted sale

Finding your dream new build home is the easy part. It's selling your old home that could be a struggle. To try and take the frustration away many builders now offer help in selling your own property. Put simply, they will help you sell your home by getting you the best deal, arranging for independent valuations of the property. Based on the average, they agree an asking price with you and the minimum you're prepared to accept. They will then actively market your home through a trusted estate agents and their sales team to try to secure an early sale. The service is free and the builder takes care of all your estate agent's fees and marketing costs, so there's no hassle.

Part exchange

If you want to buy a new build home, your chosen builder may offer a part exchange scheme, where they purchase your home from you and sell it on. The big advantage to you is that you'll sell your home quickly as there is no need to deal with estate agents, arrange viewings and negotiate with multiple potential buyers. You can also relax as it's a definite sale and you'll avoid property chains, as the builders will have the cash ready to invest. To have any chance of qualifying for a part exchange deal you need to be a current homeowner and you must be moving to a new build home. In addition, each builder will most likely have their own set of rules and regulations.

Help to Buy

Help to Buy was launched by the government in April 2013 to support and drive purchases of New Build Homes. The main aim of it is to improve the access to and affordability of mortgages, specifically for those people who cannot afford a large deposit.

The Help to Buy scheme is available on all newly built homes in England up to £600,000.

The Key Facts about Help to Buy

The government will lend you up to 20% of the value of your new property through an equity loan, which will be interest-free for the first five years and can be repaid at any time or on the sale of your home. Customers will only need a minimum 5% deposit to qualify. Help to Buy is available to all purchasers, not just first-time buyers. The scheme is available from 1 April 2013 on all new build homes in England up to the value of £600,000. There is no household annual income limit, but it is only available on new build properties and customers will only need to secure up to a 75% mortgage.

Please visit our Help to Buy Scheme section on this website for more details

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