Right now it’s looking great for home buyers
The Power of 3 – combine our incentive with the Stamp Duty holiday and Help to Buy, and you could find yourself making substantial savings when you buy a new Millgate home.
Whether you’re taking your first step onto the property ladder as a first-time buyer, trading up or downsizing, buying a home can be an expensive business. So how can you save money on what is probably the most important purchase you’ll ever make? Right now, there are several new home incentives available which could make it easier.
Save now with Millgate’s 5% Deposit Match
This is a really great way to move for less, if you act now. You can buy a new Millgate home with as little as 5% deposit and we will match it by paying another 5%.
You can pay more deposit if you wish – however, the Deposit Match sum will be 5% of the purchase price of your new Millgate home.
Deposit Match is only available between 5th October 2020 and 15th November 2020 – so time is of the essence if you want to take advantage of this saving.
There are a few T&Cs. Deposit Match is available on selected plots only, and customers must first be qualified by the independent mortgage advisor, Mortgage Brain. You won’t be able to use Deposit Match in conjunction with other incentives, and Millgate reserves the right to withdraw the incentive at any time.
What could you save with 5% Deposit Match?
Say the price of your new Millgate home is £600,000. You’ll need to put down at least a 5% deposit, (£30,000). But, with Deposit Match, we’ll pay another 5% (£30,000). That’s quite a saving – and we’re sure you’ll find it very useful for getting your dream home sooner.
Save while the Stamp Duty Holiday lasts
Back in July, the Chancellor announced a temporary suspension of Stamp Duty on all property purchases up to £500,000, to give the stagnant housing market a much-needed boost. It’s quickly become known as the Stamp Duty Holiday and it is indeed just that. Stamp Duty is zero on purchases up to £500,000. But like all holidays it has to come to an end, and this will happen on 31st March 2021.
How much could the Stamp Duty Holiday save you?
For example, if buy a new Millgate home before 31st March 2021, costing £500,000, you’d pay no Stamp Duty at all. Before the Stamp Duty Holiday, that same home would have attracted a Stamp Duty liability of £15,000. First-time buyers, who get a reduced Stamp Duty rate, would have paid £10,000. So if you buy now, you’re saving at least £10,000 and as much as £15,000. Imagine what you could spend that on - new furniture, landscaping the garden, the latest in home entertainment. Or just bank it for a rainy day.
Have you thought about Help to Buy?
Help to Buy is a government funded shared equity scheme that has been around since 2013. In its present form, it’s set to run until April 2021, when some of the criteria will change. So now is the time to consider whether Help to Buy can help you buy your new Millgate home. As a participating developer, we offer Help to Buy at many of our developments.
How does Help to Buy work at the moment?
Help to Buy is available on new properties costing up to £600,000 and requires only a 5% deposit. Purchasers get a 20% equity loan from the Government, so the mortgage is only 75% of the total cost, meaning more affordable monthly payments. London Help to Buy reflects the higher prices in London by providing equity loans of up to 40%.
Who can use Help to Buy?
The low deposit makes it an ideal choice for first-time buyers, but in fact anyone can use Help to Buy, whether they already own a home or not. The only restrictions are that it can only be used to buy a new home from participating developers such as Millgate, it must be your principal residence, and not a second home, investment or buy‑to‑let property. Your mortgage must be capital and interest, not interest only.
You do have to pay off the equity loan eventually, but it’s interest-free for the first five years, then you are charged 1.75% interest on it. The equity loan is payable in full after 25 years, or when you sell your home if that happens first.
Help to Buy is changing
Just like the Stamp Duty Holiday, you should act now to make the most of Help to Buy. The scheme will be extended until 2023, but as from 1st April next year it will only be available to first-time buyers, and the maximum price of the property you can buy will depend on its location.
Please also note, if you are looking to use the current Help to Buy scheme on a new Millgate home, must finalise your reservation with us by 15th December 2020 in order to proceed.
It really is a good time to buy a new home
Our Deposit Match incentive, the savings you can make with the Stamp Duty holiday, and the increased affordability with Help to Buy, all add up to making that new dream home more attainable than ever.
You just need to act now! The Stamp Duty Holiday ends on 31st March 2021, Help to Buy is changing on 1st April 2021, and our incentive ends on 15th November 2020.
Don’t wait around – find your new Millgate home now, and find out how much you could save.
Find out more about our range of new homes here.