Many homeowners ready to take their second step on the property ladder now rely on financial help from family and friends to make the jump from their first home. But when help in this form isn’t available, second steppers will be relieved to know they can look for additional support elsewhere.
Cala is promoting the final few homes that are available to purchase using the Help to Buy: Equity Loan scheme at its Hopefield Grange development in Benson. Located on Littleworth Road, the collection of two, three, four and five-bedroom homes is perfect for families looking to enjoy a relaxed village lifestyle, whilst still having good access to local facilities, schooling and transport links.
What’s more, with changes to the Help to Buy scheme coming into effect in April next year, and the Stamp Duty Holiday set to end at the same time, there really is no better opportunity for second steppers to trade up on their existing home.
About Help to Buy
Help to Buy is a welcome support package backed by the Government, primarily aimed at first-time buyers which has helped to get more than 420,000 people on the property ladder . For existing homeowners looking to make that second step up into a larger property, or even your forever home, Help to Buy could be the golden key to help make this dream a reality.
It is available to any homeowner looking to move, provided that the home you want to buy is newly built within England and carrying a price tag of up to £600,000 . Within this scheme, the Government lends you up to 20% of the cost of your newly built home, meaning you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. For the first five years of owning your home, no interest will be charged on the 20% loan .
In April 2020 however, the Help to Buy scheme will cease to be available for second steppers and will be limited to first-time buyers only, meaning home owners are running out of time to purchase a house on the scheme.
Tried and tested
When Yuksel and Kaska Unver began to think about their second step on the ladder they were specifically seeking a new build property. Having used the Help to Buy scheme to purchase their one-bedroom flat as first-time buyers five years ago, they knew they could use the scheme again to help them secure a dream family home, so long as it was a new build.
Using Help to Buy, the family purchased a brand new three-bedroom, three-storey Cala home. Yuksel comments: “The scheme really helped us onto the property ladder. So when we realised we could use it for a second time round, it was a no-brainer and we made the decision then to purchase another new build home.
“I was really attracted by the layout of the home. With it being spread across three floors, it meant the rooms were a great size and could perfectly accommodate us as a family of three. What really caught my eye was the amount of storage throughout the home. Coming from a one-bedroom flat to having all that storage space on top of an already spacious house was great.”
Family of four upsize
When Stuart and Melanie Ruffell and their children, Jayden and Lailah, were looking for a new home, they wanted a flexible space in close proximity to good schools. Despite thinking they could only achieve a like-for-like property with their budget, Stuart and Melanie’s dream of having a bigger home became achievable after they were introduced to Help to Buy.
Melanie comments: “We lived in our previous property for 10 years and despite having great memories there, the house was getting too small for our growing family. It was a three bedroom home, and the third bedroom was very compromised.
“We never thought we would be able to afford a brand new home, so we concentrated our search on the second hand market. However, we found our budget meant we could only get a similar sized house to our existing property. As soon as my brother explained the benefits [of Help to Buy] and what we would be able to afford from using the scheme, it was a no brainer. The scheme has given us the opportunity to have a bigger home in a perfect location, all without stretching our budget; and with time to save up to start paying back the loan.”
Stuart and Melanie ultimately purchased a three-storey, four bedroom Cala property, confident they had found their perfect home and location.
Stala Thomson, Sales and Marketing Director for Cala Homes Chiltern, comments: “All too often we meet families that are looking to upsize to a bigger home, but are unable to gather a large cash deposit. By using the Help to Buy initiative, it makes moving up the property ladder much more achievable.
“There is a common misconception that the scheme is just for first-time buyers, but it is available to existing homeowners until April 2021 and it could help soften the financial blow of moving to a larger home – and our development at Hopefield Grange in Benson provides the perfect offering for upsizing families.”
There is a number of well-regarded schools on the doorstep of Hopefield Grange, including Benson CofE Primary School, RAF Benson Community Primary School and Wallingford Secondary School for older children.
Commuters can travel into London easily with Didcot Parkway Station offering services to London Paddington in less than 45 minutes. Oxford city centre and Reading are also both only a 30 minute drive away.
The characterful village of Benson is well-served for amenities, with a number of local shops on its busy High Street, just a short walk from the development. On the edge of the village along the River Thames is Benson Lock for enjoying weekend walks, as well as a boating marina and popular riverside cafe.
Priced at £599,950, only one five-bedroom Oatvale property remains at Hopefield Grange which is available to purchase using the Help To Buy scheme. For further information on availability and other incentives such as Cala’s Armed Forces Discount and Part Exchange service, call 01491 454776 or visit www.Cala.co.uk.
