Thousands of new homes in Lancashire bought thanks to scheme

A Government initiative is helping thousands of families in Lancashire to get on to the housing ladder.

New figures released by the Homes and Communities Agency (HCA) reveal a total of 3,459 homebuyers in the area used the Help to Buy scheme since it was launched four years ago.

Within the county, the districts which made the best use of the scheme were Chorley District (759), South Ribble District (405) and Wyre District (326).

More than 80% of those using the scheme have been first time buyers.

Local housebuilder David Wilson Homes North West – who is behind the Cromwell Heights development in Longridge which offers four and five-bedroom homes available from £344,995 – is encouraging homebuyers to take part in the popular scheme which has already helped tens of thousands of people nationwide to buy a new home.

The scheme enables anyone, both first time buyers and existing owners, to put down just five per cent as a deposit for their new home and to take advantage of a Government equity loan providing access to more affordable mortgage rates.

Steve Jackson, Sales Director at David Wilson Homes North West, said: “Lancashire has produced some strong results for the Help to Buy scheme and it is great to see districts, such as Chorley and South Ribble District, where we build homes, achieving such high figures for the scheme.

“We would encourage anyone looking to buy a home with lower upfront costs to get in touch.”

Help to Buy allows any homebuyer to secure a new home under the value of £600,000 with just a five per cent deposit.

The Government lends 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage.

Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.

Further information about the developments and David Wilson Homes is available at www.dwh.co.uk or by calling 0844 3348 562.