Morris Homes is urging those who want to buy a home in Chorley to learn more about the Help to Buy scheme, after figures were published showing that 64 per cent of first-time buyers still rely on their parents to fund a deposit.
Help to Buy is the initiative from the Government to help first-time buyers avoid spending years saving for a deposit which has now hit an average of £27,000 in the UK.
Under the scheme, buyers need only save five per cent of the value of the property as a deposit.
They are then supported by the Government which provides a further 20 per cent as an interest-free loan.
Chris Minshall, regional sales director for Morris, said: “Although Help to Buy was launched back in April it seems that many young buyers still don’t fully understand how it can support them.
“The figures from the Council of Mortgage Lenders show buyers are still leaning heavily on the bank of mum and dad, but family budgets will only stretch so far.
“There are few restrictions on Help to Buy.
“It’s there to support people buying a new home worth up to £600,000, so it’s important for buyers to be informed and take advantage of this rare support to get onto the property ladder.”
To help buyers to understand more about Help to Buy, Morris Homes has recently unveiled a new video explaining the initiative on its website.
The company’s sales advisors are fully equipped to help potential buyers work out what types of properties they could afford with the scheme.
A range of three, four and five-bedroom homes are currently available at Morris’ Rivington View development in Chorley, with prices starting from just £186,750, or £149,400 with Help to Buy.
n To find out more about the development and the Help to Buy scheme, visit the sales office at Eaves Lane, Chorley, PR6 9AN, open Thursday to Monday (10.30am to 5.30pm), contact our sales team on 01257 278 432, or visit www.morrishomes.co.uk.