|Stamp Duty Savings Still an Option with Stewart Milne Homes
Stewart Milne Homes’ effective First Time Buyer purchase plan at Trencherfield Mill is offering buyers in Wigan the ideal route to securing a home before the stamp duty rates are reinstated.
Since the Chancellor confirmed the imminent end to the stamp duty freeze, industry experts widely agree that now is the time to buy. As mortgage applications can take up to two or three months to complete, buyers are encouraged to act now to ensure they benefit from the stamp duty holiday and the current reduced rate of VAT.
With no existing property to sell, first time buyers are in an ideal position to make a quick move, although many are still facing the same challenges, such as finding a deposit and securing an affordable mortgage, which slow the process. Stewart Milne Homes is therefore offering its First Time Buyer plan, specially created to overcome these common pressures, and help secure a new home in time to take advantage of the exemption.
Simon Bennett, sales and marketing director, Stewart Milne Homes North West England:
“During the last year, the stamp duty levy has really tipped the affordability scales, especially for those new to the market. The recent announcement that it will end this year presents the stark reality for would-be-buyers that continuing to wait will cost them.
“Housebuilders can provide ideal support and purchase plans during this key time, with which the private market simply can’t compete and that, for many, present the only route to securing a new home before the end of the year.”
Stewart Milne Homes’ First Time Buyer plan is available on a number of properties at Trencherfield Mill that are currently exempt from stamp duty. A key part of the purchase plan ensures that the deposit is manageable. Customers not only benefit from a mortgage for only 75 per cent of the property price, which significantly reduces monthly payment amounts, but require just 5 per cent of this portion as a deposit. For example, a two-bed apartment at Trencherfield Mill priced at £139,950 can be purchased for less than £105,000 with a deposit of under £5,250.
Using this plan, a buyer owns 100 percent of the property from day one whilst being financially responsible for a more manageable amount. The remaining balance is then deferred, interest free, for up to ten years or until the property is sold.
The First Time Buyers product includes mortgage protection, home insurance and management fees for the first year and covers all legal and survey costs associated with the purchase. In addition, the package ensures buyers can move straight into a new property fully kitted out with flooring throughout; furniture for the living area, plus master and second bedrooms; a fully fitted kitchen complete with stainless steel oven and hob, fridge freezer, washer dryer and microwave; a home cinema including 40" plasma TV, DVD player and Sky Box with a year’s free subscription.
Two bed apartments at Trencherfield Mill start from £139,950, which would cost just £330 per month with the First Time Buyer plan. Terms and conditions apply. For further information contact the showhome and marketing suite on 01942 497 506, open Thursday to Monday from 10.00am until 5.30pm. Alternatively, visit stewartmilnehomes.com.