If you’re in the market for a new home, look into new construction.
Because of the end of Help to Buy and the slowing market, developers are offering better-than-ever financial incentives, some of which amount to five-figure sums that significantly reduce mortgage payments, increase deposits, and lower the cost of buying.
Check out the list below to see if you can find your dream home.
Help with mortgage payments
If you purchase a Bellway London property, the builder will pay £1,000 per month toward your mortgage for up to two years, possibly saving you £24,000. The initiative is open for bookings on selected houses at nine complexes in and around London until the end of March. Waterside at Riverwell in Watford, for example, has one and two-bedroom properties starting at £269,995.
By the end of this month, you can reserve the three-bedroom, three-bathroom Bellevue House at Hill’s Lampton Parkside in Hounslow and receive up to £25,000 towards your mortgage. It’s a short walk from Hounslow Central station and features a kitchen/diner, separate living room, underfloor heating throughout, a paved yard, and a parking space. The asking price is £750,000.
Another family-sized home with unique benefits is the Wilcox at Durkan’s Wintringham estate in St Neots, Cambridgeshire. This detached house has four bedrooms, an open-plan kitchen/family/dining room, a living room, a study, three parking places, and is a ten-minute walk from King’s Cross station with regular services. It costs £529,950, and the buyer receives not just a £1,000 monthly mortgage top-up for a year, but also £13,997 in stamp duty paid, saving nearly £26,000.
Deposit boost
Redrow is addressing affordability concerns at The West Works development in Southall by providing buyers with a 5% deposit payment. The one and two-bedroom flats near the Elizabeth Line station are fully furnished and include curtain, lighting, and furniture sets. They range from £349,995 to £440,000, with savings of up to £22,000 possible.
Flats at Fairview’s Kingston East in New Malden – a leafy suburb just 25 minutes from Waterloo – have been so popular that they’re due to sell out nine months ahead of schedule. Only nine one and two-bedroom homes are left out of 228, and anyone reserving this month with a minimum ten per cent deposit gets an extra five per cent boost on top of a five per cent discount. With prices from £349,000 to £476,000, you could be quids in to the tune of £46,410.
Bowlers Court, a new development in Chelmsford, consists of light one and two-bedroom flats just a five-minute walk from the station. They start at £237,500, with shared ownership starting at £59,375 for a 25% stake. Make your money go further by reserving before the end of February, as Home Group will match up to £9,000 of your deposit and pay £1,000 in legal fees.
Credit: Source