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Devon open weekend to unravel the facts of Help To Buy

FAR from just a boost for first time home buyers, Help to Buy is helping families and even downsizers to make their cash go further.

Elan Homes is hosting a special event at Elan @ The Gateway, in South Molton, to explain the intricacies of the scheme, which enables people to buy a new-build home with just a 5% deposit and the aid of a 20% equity loan.

The Help to Buy weekend, on Saturday and Sunday, September 3 and 4, will help individual house hunters to understand just how the Government’s flagship housing policy could help them, whether they are moving up, down or sideways on the property ladder. An independent financial advisor will be on hand to answer questions alongside Elan’s friendly sales team.

Elan Homes Southern sales director Andrea Nippe said: “Help to Buy is often seen as a tool to assist first time buyers but it’s actually open to anyone purchasing a new build home for less than £600,000 and can be very useful for those who don’t have a large deposit or a huge amount of equity in their current home.

“Nationally more than 80,000 buyers have taken advantage of a Help to Buy equity loan, which enables them to reduce the mortgaged proportion of their new homes to 75%.”

For example, a £224,995 three-bedroom detached family home at The Gateway could be purchased with a deposit of just £11,250, a 20% equity loan of £44,999 from the Government, interest free for five years, and a mortgage for the remaining £168,746.

Stamp duty on a property worth £224,995 is now £2,000.

Elan @ The Gateway is located between Parsonage Lane and Station Road. Phase two is now underway at the 20-acre development, which will eventually be a community of 150 brand new two, three and four-bedroom properties with some boasting stunning views across the open field towards Exmoor.

A superb lifestyle is on offer to residents, with access to footpaths and woodland close by as well as an excellent range of schools, shops, cafés and leisure facilities on its doorstep.

Visitors to Elan @ The Gateway can experience the lifestyle on offer by viewing the Belvoir show home.

To find out more the Help to Buy weekend takes place from 10am to 5pm on Saturday and Sunday, September 3 and 4. Call 01769 574 581