A DEPOSIT boost could increase buyers’ borrowing power and help them secure a new home in Staffordshire.

Elan Homes is offering to contribute up to £10,000 towards customers’ deposits on selected new homes at Seven Acres in Elford, The Sidings in Lichfield and Dosthill Gate in Tamworth.

Regional sales director Tracey Ball explained: “We understand that the pressures of the cost of living can make it difficult to save for a deposit. With that in mind we’ve introduced a deposit boost scheme. It’s designed to help potential purchasers’ money go further. It could mean they’re able to buy sooner than they anticipated or perhaps a larger, more expensive home. With the aid of deposit boost they may be able to access better mortgage rates, usually reserved for those with more substantial savings, and enjoy lower monthly mortgage repayments.

“Plus, because our homes are energy efficient, they can be purchased using green mortgages. These are available from selected lenders and in some cases have better interest rates than traditional mortgage products. Buyers can use the mortgage checker on our website to help work out how much they could borrow and how much their repayments would be without affecting their credit score.”

Between the three locations, Elan has a good range of new homes available with deposit boost.

At Seven Acres in Elford, it can be used towards the cost of a two-bedroom Beeston, priced from £269,995, or a three-bedroom Howden, priced from £299,995.

For those looking for a new home in Tamworth, the scheme is being offered at Dosthill Gate on the three-bedroom Thurston Max townhouse, priced from £340,000.

At Elan’s latest development, The Sidings in Lichfield, a gift towards the deposit is available on the two-bedroom Johnson, priced from £330,000.

“The advantage of buying a new home, over an older property is that you won’t inherit the style of a previous owner or their DIY disasters,” Tracey added.

“Instead of having to budget for repairs and renovations, subject to build stage you’ll be able to select from a range of options to make your home your own before moving in. There’s also the potential to save on energy bills as our new homes are highly energy efficient, with modern heating systems and integrated appliances.”

To explore Elan’s new homes in Staffordshire, see the website Sales teams on the individual developments will be able to explain more about deposit boost.

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