Member Article

How to buy in Hull…

Whether you’re a first time buyer trying to get onto the property ladder or you’re looking to make your final move to the home of your dreams, knowing how, when and what to buy can be difficult to say the least. With this in mind, Paul Hogan, Sales Director at Barratt Homes Yorkshire East, has put together a bespoke guide for Hull buyers – helping those looking to purchase in the City navigate the complex buying process successfully:

“Hull was named the Help to Buy capital of the UK last year, and there’s little wonder why – there’s actually a fantastic selection of choice across the City for those looking to get onto the housing ladder. But it’s not just first time buyers that can benefit, with a range of five star quality homes available, paired with a good selection of buying schemes; it’s never been a better time to buy in Hull.

“Buying schemes are a fantastic way to make your budget stretch if you’ve got your heart set on a new home. Help to Buy is probably the most well-known and popular choice, but there are other options too - take Barratt Homes’ Part Exchange scheme for example; this scheme is available across our developments within the city, which include the ever-popular Liberty Green development that is ideally situated on Chamberlain Road, not to mention The Sidings on Calvert Lane and Aspire in Kingswood.

“Part Exchange schemes vary from housebuilder to housebuilder; at Barratt we’ve designed our scheme to make your money work hard for you. Whilst it may seem a little complex at first, the buying process using Part Exchange is actually fairly straightforward. The basic principal is that if you would like to buy a Barratt property, we will purchase your home from you in exchange. At Barratt Homes, the property you are looking to buy would need to be more expensive than the one that you want to sell, and the price offered to you will be a fair reflection of the market value. We use two independent valuations to determine our offer price and you can then move out/in as soon as your new home is ready.

“As an alternative option, Barratt Homes offers an exclusive Part Exchange Xtra scheme, which gives buyers the opportunity to achieve the best price for their current home. Not only will we support you in the marketing of your home, we will also guarantee that if it hasn’t sold by an agreed date, we will buy your current home and take it in part exchange. The scheme provides buyers with an assurance that both their sale and purchase are secure, whilst giving them the opportunity to create their dream home by choosing options such as fixtures, fittings and furnishings.

“Of course Help to Buy is also a good choice for some buyers and has been extended by the Government to 2020 – plus there are a number of different options. In short it is an initiative designed to help people to buy property, with two options available to the prospective buyer. Option 1 relates only to new-build properties, and is available to both first-time buyers and existing homeowners. The Government will lend you up to 20% of the value of your property through an equity loan. There are no interest payments paid to the Government for the 20% equity loan for the first five years of the scheme and thereafter interest is charged in accordance to the terms and conditions of the scheme. This leaves you with a 75% mortgage, having only required a 5% deposit.

“Option 2, open to all borrowers and all property types, is a mortgage guarantee scheme. Again, buyers need just a 5% deposit, but the Government guarantee will encourage lenders to offer better access to low-deposit mortgages when buyers look to secure a mortgage - meaning they will have up to a 95% mortgage. For both options, existing homeowners will need to sell their current property in order to apply for Help to Buy.

“The process of buying a home is a complex and, at times, stressful ordeal, but Barratt ensures excellence and incredible quality for your money. In short, ensure you have an understanding of what you want, and then use the tools available to you – your dream home is probably more achievable than you think!”

This was posted in Bdaily's Members' News section by Richard Savage .