Buying a home can be a daunting prospect. At Lovell we’re here to lighten to load and guide you through
every step of the buying process. We have a number of ways to make purchasing a new home easier,
helping you to make the move into your ideal home.
Why Buy New?
You may dream of owning a period property, but this dream can quickly fade when extra costs for repairs and maintenance start to pile up.
We admit, we may be a little biased. But we love new build homes! But for good reason, there as so many benefits of buying a new build home. From practicalities of lower maintenance and running costs - to making a fresh start in a home designed just for you. Choosing to buy a modern home, you'll soon discover the many advantage of purchasing a new build home.
You might also like the cost of moving house
Help to Buy: Equity Loan
Help to Buy is changing
From 1st April 2021, the Help to Buy scheme will be available to first-time buyers only.
The other change is in relation to the price of the properties. Regional price caps will come into force which will restrict first-time buyers in the value of homes they can buy. Under the current scheme you can buy any new build property up to the value of £600,000. When the changes come into force, each area will have different caps.
The price caps are as follows:
North East - £186,100
North West - £224,400
Yorkshire and The Humber - £228,100
East Midlands - £261,900
West Midlands - £255,600
East of England - £407,400
London - £600,000
South East - £437,600
South West - £349,000
The caps were set at 1.5 times the average regional first time buyer price as forecast in 2018.
The current Help to Buy scheme is available until 31st March 2021 and both existing homeowners and first-time buyers can benefit when reserving by 15th December. Reservations after 15th December will only be applicable for the new scheme.
See full details of the new scheme here.
How does the scheme work?
"Help to Buy: Equity Loan helped us to buy our dream home"
Dan Twigg and Sarah Edwards saved up their deposit and using Help to Buy equity loan scheme were able to purchase their dream Lovell Home.
Under the scheme, if you are a first time buyer you’ll only need a 5% deposit to purchase a new build home. The government will lend you up to 20% of the value of the property, so you can access mortgages up to 75% of loan to value.
The loan is available on Freehold new build properties in England*, as long as they’re not being bought as buy-to-let. Regional price caps are in place which impact the value of homes eligible for Help to Buy depending on where you're purchasing - please refer to the above details.
The loan can be repaid at any time and is interest-free for the first five years. After that, it will be charged at 1.75% of the equity loan, rising annually by RPI plus 1%.
*Developments that are not eligible for Help to Buy include Platting Village, East Avenue and Principal Point.
Help to Buy: ISA
The Help to Buy ISA is a tax-free savings scheme, designed to help first time buyers save up enough money for a deposit on their first home.
With the scheme, which will run until autumn 2019, the government will contribute an extra 25% on top of your savings. You can save a maximum of £200 per month, as well as an initial £1,000 deposit. So, in the first month, you could save £1,200 on top of which the government will add an extra £300.
If you pay in the maximum £1,000 deposit as well as £200 every month until you reach £12,000, you’ll get a bonus of £3,000 – which gives you an overall total of £15,000. You can claim the bonus as soon as you’ve saved £1,600, which would mean a £400 bonus.
You can open a Help to Buy ISA with a bank or building society, just like a normal cash ISA. Once you’ve opened an ISA, you can pay into it for as long as you like, and there are no limits on when you can use your bonus.
Who is eligible for a Help to Buy ISA?
If you’re a first time buyer, you can open up a Help to Buy ISA, as long as you’re over 16, even if you’re buying a property with someone who isn’t a first time buyer. You can’t get a first time buyer ISA if you plan to rent out the property, or if you’ve previously owned or inherited a property in the UK or abroad.
You can’t have a Help to Buy ISA and a regular cash ISA in the same tax year. If you’ve opened up a new cash ISA (or paid into an existing one) in the current tax year, you won’t be able to open a savings account as a first time buyer until the new tax year.
Part Exchange* from Lovell means you will have a guaranteed cash buyer for your house without going through the normal worries of selling your property, without paying estate agent fees and without worrying about chains collapsing at the last minute. This peace of mind allows you to plan ahead and look forward to moving into your new home as quickly as possible.
Our representatives will view your home and take advice from three independent estate agents on its value. We will then make you an offer and should you choose to accept it, we will immediately reserve the Lovell home you wish to buy. You don’t even have to move out until your new home is ready.
This peace of mind allows you to plan ahead and look forward to moving into your new home as quickly as possible.
Buying a new home is always a big step and undertaking a Part Exchange is a new experience for many people, therefore throughout the process the Lovell team will always be available to answer any queries and provide guidance.
Quite simply, that’s it. You no longer need to worry. You benefit from a guaranteed buyer, a quick and easy buying and selling process and no estate agent fees.
If a buyer for your existing home is in place but they still need to sell theirs, Chain Breaker solves the problem straight away.
The Lovell Chain Breaker* guarantees the end of a chain as we will purchase your buyers home - they can then move into your property and more importantly, you can move into your chosen Lovell home without delay.
*Offer available on selected developments and properties and subject to our terms and conditions. It is important you speak to our Sales Executives to find the right home for you before committing to Part Exchange.
Helping Hands Scheme
Selling your existing home has never been easier with Lovell's Helping Hands scheme. If you’re looking to buy a new Lovell home, we’ll help you sell your current property – and we won’t charge you any estate agent fees.
Subject to availability, our sales advisors will guide you through the scheme, starting with arranging an independent valuation of your existing property. Once you've agreed a marketing price, they'll reserve your chosen Lovell home for a pre-arranged period, giving the estate agent plenty of time to negotiate the sale of your existing property. At all times during the Helping Hands scheme process, we’ll be in touch with you, offering advice and answering any questions you might have, and keeping in close contact with the estate agent.
Once a buyer has been found, our sales advisor will take you through the final process and legal completion of the sale – leaving you free to enjoy your brand new Lovell home.
Click here for more information
Key Workers Scheme
A helping hand for those who help us, our Key Workers scheme is designed to make moving into a new home that little bit easier for our vital emergency service and public sector workers.
During unprecedented times, we understand the time and money constraints put on those who work in essential professions. Our Key Workers scheme is there to support those who need it most, as they take the leap into a new home. Whether you’re making your first steps on to the property ladder, downsizing to a smaller home or scaling up to something bigger, we are here to help and minimise those money worries.
What is included in the scheme?
Our Key Workers scheme gives eligible individuals a £500 discount for every £25,000 spent on a new Lovell home*. This is equal to 2% of the property’s list price.
As an added extra, we are also offering free flooring in your new home up to the value of £3000**.
Plus, you’ll still have access to schemes such as the Help to Buy: Equity Loan, (subject to eligibility), requiring as little as 5% deposit and helping to make your move even easier.
Who is eligible?
The scheme applies to individuals classed as Key Workers*
- Emergency Services
- Armed Forces
In order to qualify for the scheme, you must be employed in one of the approved Key Worker professions at the time of purchasing your home. We will ask for relevant identification and proof of employment.
*Subject to availability. Subject to plot. Scheme not available on our Cowper Place, Dewside, Saints Quarter, Queensbury Park, Ymyl Yr Afon, Golwg Y Bryn, The Mill, Willow Grange, Ingleby View, Tennyson Fields, East Avenue, Weaver Park, Waterside Quay, Oaktree Grange, Shawbrook Manor, Weston Woods & Somerford Park Developments. Lovell Homes reserve the right to withdraw the offer at any time. Not to be used in conjunction with any other offer or purchase schemes other than Help To Buy. The Help to Buy Equity Loan scheme has specific terms & conditions and is subject to affordability criteria as prescribed by Homes England. Subject to specific mortgage lender conditions and qualifications. The use of the Key Worker Scheme and other supporting schemes need to be stated at the time of Reservation. To qualify for The Key Worker discount, individuals need to be currently employed by one of the government bodies as listed above. Payslips must be from the three months prior to reservation. **Lovell Homes specify the flooring provided as part of this scheme and only provide flooring up to the value of £3,000.