A MAJOR housebuilder is offering first-time buyers up to £20,000 towards a new home.
Bellway is offering the cash to house hunters looking to buy their first home or simply looking for a new one.
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Any buyers who reserve a Bellway new-build house between now and June 30 can get the cash.
It is part of its new scheme “Your Home, Your Way” and customers can get the cash in various different ways.
The housebuilder is offering buyers the huge saving either through a mortgage subsidy, a deposit contribution.
Or they can access up to £20,000 to put towards extras or upgrades, such as more premium flooring, tiling and lighting to help style their new home as they choose.
It comes as the government’s Help to Buy scheme ended on March 31.
Plus, first-time buyers with a 15% deposit to put down face paying nearly £200 per month more for a mortgage typically than they did a year ago, according to Rightmove.
Across Britain, the average asking price for a first-time buyer type property currently sits at a record of £224,963, according to the data.
Bellway’s scheme is intended to give people a “helping hand” whichever way suits them the most.
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Buyers will get a choice of how they’ll get the money out of the three options – or they can choose a combination.
But be aware that the offer is available on 200 selected developments across England, Scotland and Wales.
Some of the eligible areas including Surrey, Chichester, Teesside, Wrexham and Edinburgh.
It’s important to bear in mind that each home included in the offer will have a specific value attached to it.
The amount you could get ranges from £5,000 up to £20,000 – so you may not get the full amount.
It’s definitely a good idea to check the specific amount available with the house you’re looking at before you reserve it.
There are some things to bear in mind as well depending on how you get the cash.
In the case of mortgage subsidy or deposit contribution, the cash will be deducted from the upon completed purchase and can’t be more than 5% of the asking price.
If you opt for a mortgage subsidy, you’ll be referred to independent financial advisers for exact information on lender criteria.
Also, if you choose for the money to go towards any upgrades on the house, this is subject to the building stage your house is at and is at Bellway’s discretion.
Some examples of upgrades include a home office, a gym or a garden room.
In other words, you might not get the exact changes you asked for.
Maria Seed, group sales and marketing director, said: “Buyers can take advantage of a contribution towards mortgage payments, if they want to keep their monthly outgoings lower – or they can have a lump sum boost to their deposit if they want to move without having to spend any longer saving.
“Or they can access up to £20,000 to put towards extras or upgrades.”
It’s also important to note that Bellway reserves the right to withdraw the offer at any time, the promotion can’t be used in addition with other deals and offers.
When looking to buy a house for the first time it’s important to assess all of your options and make sure you can afford to make the commitment.
If you’re unsure it’s best to have a look around at different schemes and don’t get sucked in by a deal.
What other housebuilder schemes are available?
Here are a few other first-time buyer schemes you can take advantage of from other housebuilders.
Fairview – Save to Buy
Property developer Fairview has launched Save to Buy to help those who otherwise could not afford to buy.
The scheme allows first-time buyers to save for their final deposit via fixed monthly payments while living in their new home.
You only need a 1% deposit to get started, then once you’ve saved the required amount, you can apply for a mortgage to buy your home.
Be aware that the offer is only available on limited plots in and around London at the moment.
It will run until December 2023.
For more information as well as terms and conditions see our story.
Miller Homes – First Timer Package
Miller Homes is offering a specific offer just for people looking to buy their first home too.
Its First Timer Package, means you get to choose the best offer to you.
The housebuilder will either pay your 5% deposit or it’ll give you cashback of up to £15,000 when you move.
So that means it’ll pay up to 5% of the purchase price as your deposit, making it easier for you to get on or move up the property ladder.
Or, if you choose cashback it could help you furnish your new home, help to cover the mortgage or help to take the edge off household bills.
Although, similarly to Bellway’s offer the contribution offered is plot specific and subject to lender approval.
Plus, the payment will be deducted from the amount to be paid by you at completion – you won’t get a sum in your bank.
For full information head over to the website.
Taylor Wimpey – Deposit Unlock & Top-Up
Housebuilder Taylor Wimpey has several schemes designed to get first-time buyers on the property ladder too.
Deposit Unlock is available to help first time buyers and existing homeowners buy a new-build home with a 5% deposit and a 95% mortgage.
The scheme has been developed in partnership with specific lenders and is only available on selected new build homes.
It’s open to first-time buyers and existing homeowners on selected homes up to the value of £750,000.
It also offers a Mortgage Contribution Scheme which could see it top-up your mortgage by as much as £12,000.
This could reduce your monthly mortgage payments by up to £500 a month over two years.
This deal is available for all buyers whether you’re moving on from your existing home or you’re a first-time buyer.
This offer is available at selected developments and on selected homes.
Taylor Wimpey also offers Deposit Top-up where it will add up to another 5% towards a new home as well as a 10% deposit – or 15% in total.
Make sure to read the full terms and conditions for each scheme on the housebuilder’s website and get in touch with them if you have any questions.
Meanwhile, millions of homeowners will face higher mortgage repayments after the Bank of England hiked interest rates again.
The central bank’s base rate has increased from 4.25% to 4.5%.
Plus, have a look at our round-up of more schemes designed to get first-time buyers on the property ladder.
And, our My First Home series highlights how savers transitioned into homeowners and their handy tips.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
