We are enthusiastic about championing developers and highlighting the many benefits of choosing new build properties. In this article, we’ll explore the advantages, including financial savings and social perks, of investing in a new build home. Whether you’re in the market for a property in Manchester or looking for guidance from property experts or estate agents in the area, this post will shed light on how various schemes and incentives can improve your path to homeownership.
1. Part Exchange and Assisted Move
Looking to simplify the process of selling your existing home and transitioning to a new build property? Consider options like Part Exchange and Assisted Move. Our trusted partner, LSL Land & New Homes, handles both schemes, offering expert advice and assistance in selling your current property. These options streamline your move, making it quicker and less stressful. If you’re thinking of selling your property in Manchester, these schemes can be invaluable.
2. Deposit Unlock
Launched in 2021 as a response to the end of Help to Buy, Deposit Unlock provides an attractive alternative for buyers. This scheme allows you to purchase a new build home with just a 5% deposit while securing a better interest rate than a traditional 95% loan. The house builder contributes to an insurance policy for the mortgage provider, reducing your interest rate. This scheme is open to all buyers, including those in Manchester seeking property for sale.
3. Mortgage Guarantee Scheme
Similar to Deposit Unlock, the Mortgage Guarantee Scheme offers the option of buying a home with a 5% deposit. With government involvement, the scheme guarantees 15% of the loan, providing assurance to mortgage lenders. If you’re considering property in Manchester and have a limited deposit, this scheme can be a game-changer. It’s available until December 2023.
4. First Homes Scheme
Specifically designed for First Time Buyers and Key Workers, the First Homes Scheme offers new build homes at a 30-50% discount. This discount also applies when you sell the property, making it an appealing option. Eligibility criteria include income limits, making it a great choice for those seeking affordable property in Manchester.
5. Shared Ownership
For those with incomes below £80,000 looking for property in Manchester, Shared Ownership offers an accessible path to home ownership. You can purchase a share of the home with a smaller deposit and pay rent on the remaining share. Over time, you can increase your ownership share and eventually own the property outright.
6. Rent to Buy
If you’re in England, Northern Ireland, or Wales, Rent to Buy schemes offer the opportunity to rent a new build home at a reduced rate, saving money to build a deposit for future ownership. The specifics vary by location, but the goal is to help you become a homeowner.
7. Co-Own (Northern Ireland) and Rent to Own (Northern Ireland)
In Northern Ireland, Co-Own and Rent to Own options are tailored to your needs, offering shared ownership and rent-to-own plans to get you on the property ladder, even if you can’t secure a traditional mortgage.
8. Developer Incentives
In addition to these schemes, developers often provide incentives to buyers. These may include covering Stamp Duty fees, legal fees, offering free upgrades, or providing cash or gift cards for furnishing your new home. If you’re searching for property experts or estate agents in Manchester, they can guide you in finding developers with enticing incentives.In conclusion, purchasing a new build home offers an array of options and benefits, including financial savings and social advantages. Whether you’re looking for property for sale in Manchester or require property experts in the area, these schemes and incentives can make your dream home a reality. Don’t hesitate to explore these opportunities to enhance your home ownership journey. And if you’re ready to make a move, consider booking a valuation with trusted property experts in Manchester to get started on your new home journey.