First-time buyers in Tamworth can benefit from updated Help to Buy scheme

Thursday, 18th February 2021

FIRST-TIME buyers can take advantage of the revised Help to Buy scheme to get onto the housing ladder in Tamworth.

The Government initiative was previously available on new-build homes priced up to £600,000, but following a change to the scheme, properties must now fall within a regional price cap to be eligible.

One of the local developments with available homes is Bellway’s Barley Fields, off Ashby Road.  They currently has a selection of two-bedroom houses which are priced below the £255,600 limit for the West Midlands and can therefore be purchased using Help to Buy.

Unlike its predecessor, the new version of the scheme is available only to those who have never previously owned their own home.

Help to Buy allows purchasers to secure a new-build home with just a five per cent deposit and a 75 per-cent mortgage. The remaining 20 per-cent is provided in the form of an equity loan from the Government, which is interest free for the first five years of homeownership.

Marie Richards, Sales Manager for Bellway West Midlands, said:

“While Help to Buy is no longer available to existing homeowners, the scheme will continue to be a vital tool for first-time buyers trying to get onto the property ladder.

“The range of two-bedroom homes currently available at Barley Fields present a perfect opportunity for aspiring homeowners, as they are all within the new Help to Buy regional price cap and can therefore be purchased with a reduced mortgage and deposit.

“The Blacksmith and Alveston house types have been carefully designed to reflect the needs of first-time buyers, offering spacious modern living at an attainable price. Both properties include an open-plan living and dining room, a separate kitchen, two bedrooms and a family bathroom.

“I would encourage first-time buyers in Tamworth to contact our sales team at Barley Fields to find out more about Help to Buy and the homes available with the scheme. We have only two Blacksmith house types remaining and expect the remaining homes to sell fast.”

Bellway’s Barley Fields will consist of 483 homes when complete, comprising a range of two, three, four and five-bedroom properties.