Danum Homes are accredited by both NHBC and LABC with an A1 rating. All new properties come with a 10-year structural warranty and a 1-year ‘no hassle’ warranty package as standard – another great advantage of buying a new-build property from us.
Help to buy
Whether you are looking to get onto the property ladder or simply move from your existing home to a new one, Help to Buy could make a modern new-build property more affordable than you might think.
A new version of the scheme was introduced in 2021 for first-time buyers to assist eligible buyers in purchasing new-build homes to live in.
The new version of the Government scheme includes regional price caps based on local markets, setting limits on the price of the house you are able to buy depending on the location within England. The regional price structure in the areas which we build, are as follows: East Midlands £261,900 Yorkshire and the Humber £228,100.
This new scheme is set to be available for only two years, until March 2023.
There are three main benefits to the Help to Buy: Equity Loan scheme, and they are:
- The first five years of the loan are interest-free, giving you the chance to save after paying the initial fees. After that, the interest rates are competitively set at 1.75%
- The financial assistance means that you will have to borrow less, opening up far more competitive rates of interest on your standard mortgage
- A smaller deposit of only 5% is required on your chosen home, allowing you to secure your new property sooner and for less.
How does it work?
- 5% deposit required
- 20% loan from Government
- You obtain a mortgage for the remaining 75%
- No interest charged on the 20% loan for the first five years of ownership
Am I eligible?
The scheme is available to first-time buyers 18 or over buying a new build home. To qualify, the purchase price of you home must fall within the relevant regional price cap, plus you or anyone you are purchasing with must not own a home or residential land (now or in the past in the UK or abroad. The scheme is available in England only.
Things to consider:
To ensure Help to Buy is right for you we’d encourage you to consider all the implications and speak to an independent financial advisor.
- You will start paying interest on your loan after 5 years – will you be in a financial position to honour that commitment?
- You will need a deposit equal to 5% of the value of the home
- Other moving costs still apply including surveys, stamp duty and legal costs
How do I buy a home through Help to Buy?
Simply enquire about the development you’re interested in and ask one of our Sales representatives about Help to Buy.
Terms & Conditions:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
You cannot rent out your existing home and buy a second home through Help to Buy.
You can learn more about eligibility, regional price caps and full T&C’s for the loan with the homebuyer’s guide.