Buying a home could make more financial sense than renting at Barratt’s latest development in Chippenham – Birds Marsh View.
Latest figures from Santander reveal that first-time buyers could save more than £2,250 a year if they buy rather than rent.
The average monthly rent in the UK is currently £912 per household, compared to monthly mortgage repayments of £723 for the average first-time buyer household.
At Barratt’s Birds Marsh View development in Chippenham, a three bedroom home costing £274,995 bought using Help to Buy would cost around £643 per month while average rents in the area are closer to £900 per month.
Barratt Homes sales director Andrea Pilgrim said it’s not surprising to hear that home ownership is cheaper than renting and says the five star housebuilder is encouraging first time buyers in Chippenham to use the government-backed Help to Buy scheme to maximise their savings.
At Birds Marsh View Barratt has a range of three-bedroom homes available – and a number will be ready for those looking to make their move in the coming months.
Andrea says: “The stumbling block that most aspiring homeowners continue to face is the upfront cost of buying a property, or deposit, which will stop them from enjoying these cost savings. With Help to Buy, first time buyers will only require a 5 per cent deposit and can also gain access to much more affordable mortgage rates.”
Help to Buy is a very popular scheme which has already helped tens of thousands first time buyers in the country to get onto the property ladder. It works by the government lending the purchaser 20 per cent of the value of the property which does not need to be paid back for the first five years. The purchaser only needs a five per cent deposit which leaves a 75 per cent loan to value mortgage, meaning much more affordable monthly repayments.
Andrea adds: “The money that you can save every month by using Help to Buy is considerable and long term even better. Using the scheme will not only help first timers onto the housing ladder, it also means that they get to break free of the rental trap and start enjoying the financial benefits that owning a home can bring.”
For further details of indicative monthly payments log onto www.barratthomes.co.uk for the Help to Buy calculator.