Published: 16:34, 01 April 2021
| Updated: 17:04, 01 April 2021
First time buyers will have a chance to take their first steps on the property ladder from now, following the launch of a new government-backed Help to Buy scheme.
The new 5% deposit scheme is exclusive to first time buyers and is available with new homes that are built after today (Thursday).
Available throughout England, there are regional caps in place ,which limit the price on Help to Buy homes.
In Kent it is £437,600.
Housebuilder Barratt Kent is registered with Help to Buy and can help househunters at its new homes developments, including at Richmond Park in Whitfield.
Natalie Perry, sales and marketing director for Barratt Kent, said: “The launch of this new first time buyer scheme is one to be welcomed in Dover.
"As well as reducing the upfront deposit typically required for those first time purchasers, it helps make monthly mortgage payments more affordable – especially when compared with rates typically available with a 95% mortgage.”
“Help to Buy will prove especially appealing to those who have limited access to the Bank of Mum and Dad, as well as those who may be caught in the rental trap and finding it hard to make additional savings.”
Through this scheme people can purchase somewhere with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale on the home.
Barratt says it has a range of three-bedroom homes that will fall within the regional price cap for Kent and the homes at Richmond Park have prices starting from £289,995.
For more information about Help to Buy, call the Barratt sales team on 0333 355 8498 or visit www.barratthomes.co.uk.