A development of new homes in North Yorkshire has secured accreditation to an initiative that makes it more affordable to move on, or up, the property ladder.
Priory Meadows, a collection of 34 bespoke homes being brought to life at Kirby Hill, near Boroughbridge, has gained the stamp of approval to join the Government-backed Help to Buy scheme.
Linley & Simpson, the estate agency which has launched Priory Meadows to market on behalf of Yorkshire developers Caedmon Homes, is marking the news by staging a Help to Buy information event on site at the show home tomorrow, Saturday, November 30, between 10am and 2pm.
It has assembled a team of experts to demystify the scheme, and answer homebuyers’ questions about it could benefit them. There will also be an advisor from Mortgage Advice Bureau on hand to share details on the latest home loan deals to hit the market.
Director of Land and New Homes at Linley & Simpson, David Waddington, said: “Help to Buy really does open the door to owning a brand new home at Priory Meadows, supporting both first-time buyers and previous homeowners.
“Despite its success, and the financial benefits it can bring, there is still a degree of confusion about who is eligible to take advantage of Help to Buy. Our open event is designed to guide people through the process.”
Priory Meadows is the latest development to be launched by Easingwold-based housebuilders Caedmon Homes. With a mix of properties ranging from two-bedroom bungalows to five-bedroom detached houses, prices start from £265,000.
Its director Paul Brown said: “The affordability of the homes is a very important element of this project and, with the Government’s Help to Buy initiative, we trust that a number of young professionals will be able to become home-owners for the first time.
“We are very proud of our scheme, which offers a variety of new homes in this popular North Yorkshire village. We believe the attention to detail, including Caedmon’s bespoke house styles, design features and high-quality specification, really sets Priory Meadows apart from the competition and the response to our recent launch really supports this.”
He added: “We have chosen the location of this development extremely carefully. Kirby Hill is a pretty rural village near the flourishing market town of Boroughbridge and within minutes of the A1 motorway, providing easy commuting access to York, Harrogate, Leeds and Newcastle.”
Help to Buy assists anyone looking to buy a new home up to as much as £600,000 so long as it is their sole home. With Help to Buy, aspiring homebuyers only need to raise a five per cent deposit.
Using Help to Buy, homebuyers also benefit from a 20 per cent equity loan from the Government which is interest-free for five years. Therefore a mortgage is required for only 75 per cent of the value of the property.
The Priory Meadows development is set to be fully completed by the end of this year, and has already achieved significant sales success.