Government aid with deposits extended now

This four-bedroomed semi-detached viewhome at The Triangle, Wygate Park.
This four-bedroomed semi-detached viewhome at The Triangle, Wygate Park.

Seven first-time homeowners were due to move into new Broadgate Homes properties at The Triangle, Wygate Park today with help from the Government’s FirstBuy scheme.

Since last week’s Budget the scheme has been extended to existing homeowners who can prove they need more space to accommodate a larger family.

Now named Help to Buy, the scheme’s benefits to the wider range of qualifying buyers are the same – if they can find five per cent of the deposit, they’ll get a 20 per cent loan to cover the rest, enabling them to get a 75 per cent mortgage.

The new scheme benefits developers too, as the 20 per cent loan will now be wholly paid by the Government, not shared with the developer.

Chief executive of Broadgate Homes Ian Canham said: “Now if you qualify for the scheme you can get any size of house on Help to Buy if you’d otherwise struggle to pay the deposit – all our new homes are on it.

“Our only caveat would be that we don’t sell to buy to let landlords.”