‘Step Up’ Scheme onto the Property Ladder
The average age of first time buyers in the UK, without parental assistance, has risen to 37, proving that it is harder than ever to own your first property. A combination of tough mortgage criteria, higher deposit requirements and lower salaries has led to a steady fall in the number of people who can afford to purchase their first home.
In a bid to help young purchasers however, Higgins Homes has introduced the Step Up scheme – a creative incentive that assists first time buyers with their deposit needed when they buy their first property.
Most mortgage lenders require 25% deposits from first time buyers , but the Step Up scheme allows purchasers to take advantage of up to a 20% equity deposit from Higgins Homes as a rent and interest free equity loan for up to ten years.
The purchaser will require a minimum 5% deposit, and is then entitled to purchase the remaining 20% at any time, at the then current market price, over the next ten years. A 75% mortgage for the remainder of the property price would then be required.
Simon Cornish, 25, who works for the postal service, and his girlfriend Fiona Kenyon, 24, who works in accounts, recently purchased their first apartment at Higgins Homes ICE development in Stevenage, Hertfordshire. Simon and Fiona, who already lived in the area, had been saving towards a deposit for years, however they were still not able to put down the 25% deposit that most mortgage lenders were asking for. Having lived with family and friends in a bid to save, the couple were desperate for a place of their own.
When Simon and Fiona heard about the Step Up scheme that Higgins Homes are offering, they knew that it would be ideal for them. Simon comments: “Fiona and I were desperate to get onto the property ladder, but with the difficulty involved with obtaining a mortgage, and the huge deposit that the mortgage lenders were demanding, that dream seemed a long way away.
...has been life changing for us as it’s allowed us to purchase the home of our dreams in a perfect location. With both of us working in Welwyn Garden City, ICE was the ideal base for us and being able to put down just a 5% deposit and have the remaining 20% on an interest free loan from Higgins Homes worked perfectly. We would never have been able to get a foot on the property ladder at such a young age had it not been for this great incentive.”
Jeremy Marcus, Sales and Marketing Director at Higgins Homes comments: “With tough market conditions and high lending rates, Higgins Homes realised that it was up to us as a housebuilder to offer first time buyers some financial assistance to ensure their dreams were realised. The Step Up scheme is a wonderful way of encouraging young professionals to purchase their first property.”
An iconic, ultra-modern development located in the heart of Stevenage, ICE comprises a variety of two bedroom apartment designs. With striking good looks, each spacious property is designed to the highest standards and all incorporate designer Urban Myth kitchens which feature stainless steel electric oven and ceramic hob, integrated fridge/freezer and washer/dryer. Beautifully configured bathrooms incorporate crisp, white sanitary ware by Ideal Standard. Most properties also feature a balcony and each is assigned an underground parking space.
Prices at ICE start from £159,995 for a two bedroom apartment with balcony and underground parking space. The sales and marketing suite and show apartments are open daily between 10am and 5pm. For further information please contact the marketing suite on telephone: 01438 362 712 or visit the website: www.higginshomes.co.uk
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