Secure a new home in Middleton for less than £100,000Posted on April 21st, 2017
Yes, you have read that correctly! If you’re hunting for a new home in Middleton, Manchester, we have the 3 bed Ascot which, when purchased using Help to Buy, can cost less than £100,000!
A modest, 3 bedroom home, the Ascot is located at our latest development, the contemporary Thornfield Grove, on Sherbourne Road in Middleton. Built to the high standards that our customers have come to expect from Seddon Homes, we believe that these homes won’t be around for long, so hurry and register your interest today!
You may be wondering how, in today’s economic climate, a brand-new home could cost less than £100,000 and the answer is the Government backed Help to Buy Scheme.
The full price of the Ascot is £124,450, which is reduced to £99,560 when you use the Help to Buy scheme. Help to Buy works by you saving a minimum of a 5% deposit, in this case £6,222.50. When you have this in place, the Government will lend you a further 20% of the house price in the form of an equity loan, £24,890 for the Ascot.
This equity loan is interest free for the first five years, and you don’t have to start paying it back until this interest free period is over! This loan allows you to then secure a mortgage for just 75% of the house, £93,337.50 instead of the usual 90% from a 10% deposit.
So, let’s recap:
-Your deposit could be £6,222.50
–Help to Buy will lend you a further £24,890
-You then secure a mortgage for £93,337.50
This means that your deposit and mortgage will amount to £99,560 which is a fantastic price for a modern, 3 bedroom home located just outside of Manchester!
As the total price of this home is less than £125,000, you also have the luxury and peace of mind that you do not have to pay Stamp Duty when you complete on your new home — result!
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