Buyers at two Lovell Homes developments in the North East can now benefit from a scheme designed to boost their housebuying budget.
Mortgage lender Gen H has introduced its New Build Boost scheme on selected plots at Laurel Gate, Whitburn, near Sunderland, as well as Edward’s Birch in Morpeth, giving buyers an enhanced way to get moving sooner.
The scheme enables buyers to purchase a new-build property with a standard 80 per cent mortgage plus a 15 per cent boost, meaning they only need a five per cent deposit. The 15 per cent boost is an equity loan that is frozen for five years and is interest free.
Buyers can start paying off the boost after the first year of their mortgage. At the five-year mark the value of the boost will go up or down to reflect any change in the property’s value since it was bought, with any increase capped at two times the amount borrowed.
Rebecca Darby, Head of Sales for Lovell in the North East, said: “We are very pleased to partner with Gen H on the New Build Boost scheme at Laurel Gate and Edward’s Birch. By allowing buyers to purchase with a five per cent deposit and 80 per cent mortgage, the scheme will open up the opportunity of homeownership to more people in the area.”
Edward’s Birch is a development of three to five-bedroom homes two miles from Morpeth town centre. Lovell is building 141 new homes on two parcels of land next to Northgate Hospital. Work started on the site last year and the first residents are expected to move into their new homes this summer.
Construction work is now also underway at Laurel Gate, in Whitburn, where Lovell will build 32 properties ranging from two to four-bedroom houses. There will be eight affordable homes on the development.
Applications for the New Build Boost scheme must go through a mortgage broker. To find out more about how it works, visit the Gen H website.
To find out more about Lovell, visit: https://www.lovell.co.uk/
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