New homes specialists offer advice to homebuyers
14 Dec 2020
For many people, lockdown has highlighted the need for a home office or a bigger garden and coupled with the Stamp Duty holiday, it’s not surprising that the property market is busier than ever. Vistry Group ?" which includes Bovis Homes and Linden Homes ?" has seen high levels of enquiries and reservations across all its developments and Sue Scholfield, Vistry Western’s sales and marketing director, commented: “Many buyers are wanting to move to a larger property in a more rural location. Also, a home office or a fourth bedroom ?" which could be used as a study ?" is being frequently requested. However, there is such a demand that we wanted to provide some helpful advice.” Sue’s tips for homebuyers: • do your homework and look at floor plans and site plans, as we’re seeing lots of people interested in the same homes • have a walk or drive around the local area • take advantage of the government’s stamp duty holiday for properties up to £500,000 until 31st March 2021, as you could save up to £15,000! • Don’t forget, the last date to reserve a Help to Buy property is 15th December as the current scheme is ending and the new Help to Buy 2021-2023 will only be available to first time buyers • don’t waste your time, speak to a financial advisor as soon as you can to find out how much you can afford New homes independent mortgage specialist, Felicity Barnett, is a national account manager at The Mortgage Brain and added: “The market is so buoyant at the moment. We are seeing a lot of first time buyers, around 30-35 years old and also second time movers, who are looking for more space with their growing family. “The Stamp Duty holiday and competitive mortgage rates has meant there are a number of homebuyers keen to take advantage of the current situation. Five year fixed term mortgages have been increasingly popular as people seek security in their level of repayment. However, mortgage rates are just starting to rise slightly and the sheer demand in volume means it can take lenders 30 days to provide a mortgage offer, so my advice is to act soon and to try to have 15 per cent as a deposit to secure a good loan to value. “One benefit of using a new home specialist is that we have access to certain products that aren’t available on the high street. For example, we are able to provide an exclusive deal between Vistry Group and Barclays Bank. The Barclays Bank Green mortgage offers a discounted rate for Vistry Group customers as the homes have a high energy efficiency rating. For example, a five year fixed rate mortgage with a 85 per cent loan to value is currently at 3.08 per cent.* “We also have a lot of experience in dealing with schemes like Help to Buy, which is due to change soon, and Home Reach, which can help people to afford the space they really need. Whether you’re buying a family home in Ashchurch, your first apartment with the Home Reach part-buy-part-rent scheme in Harry Stoke in Bristol, or you’re looking for a new home with a thatched roof in Wells, we can help. We pride ourselves on being able to find mortgages to suit everyone’s needs so please do get in touch.” Sue added: “If you’re interested in buying a new home then contact the marketing suite and arrange to get qualified by an independent financial advisor before you visit the development. Many people do not know how much they can afford due to lenders’ complex affordability calculations, but by knowing the full picture you’ll be able to save time and select the perfect home for you.” * Terms and conditions apply. Your home may be repossessed if you do not keep up repayments on your mortgage.
