Newspaper article The Journal (Newcastle, England)

Buying with a Helping Hand

Newspaper article The Journal (Newcastle, England)

Buying with a Helping Hand

Article excerpt

ALMOST half the people moving into a new development in the North East have taken advantage of helpful buying schemes which make these stunning homes more affordable.

Help to Buy and shared ownership buying options are allowing more families to enjoy the lifestyle available at The Sycamores, The Sycamores in Birtley, near Gateshead.

The Government-backed Help to Buy can provide an equity loan of up to 20% of the property price and no interest is payable for up to five years.

So, the four-bedroomed Vista at just PS261,000 could offer a PS52,200 Help to Buy loan. With the client paying a minimum 5% deposit (PS13,050) the maximum mortgage would be only PS195,750.

And because The Sycamores is being developed by Gateshead Regeneration Partnership, shared ownership options are available through one of the UK's leading housing and care providers, Home Group.

This allows buyers to purchase between 35% and 70% of their home - as deemed affordable by an assessment - and rent the remainder. …

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