Help to Buy in Manchester: The Scheme Explained
Help to Buy Manchester is a scheme funded by the government to help first-time buyers get on the property ladder in Manchester. The Help to Buy schemes allow first-time buyers to buy a house with only a 5% deposit.
Living in Manchester can be made easier and cheaper by using the government scheme Help to Buy North West. There are many homes included in the Help to Buy Manchester schemes, helping to make your Manchester removals stress-free.
Although you have to be a first-time buyer for the Help to Buy schemes, some of the schemes are open to other people, such as if you have a household income of less than £80,000, you are eligible for the Shared Ownership scheme. The government have recently extended the Help to Buy scheme until 2023.
We’ve put together this guide including everything you need to know about Help to Buy Manchester, from the types of Help to Buy schemes in Manchester to the developers offering Help to Buy schemes. To discover how much you could borrow with the Help to Buy Equity Loan, use our Help to Buy Calculator.
Help to Buy Scheme Manchester
The government offers a range of Help to Buy Schemes in Manchester, including Help to Buy: ISA, Help to Buy Shared Ownership and Help to Buy Equity Loan. Here we will explain each Help to Buy Manchester scheme along with the benefits of using them.
Help to Buy: ISA
The Help to Buy ISA helps first-time buyers boost their savings by receiving a bonus from the government of up to £3,000. You can save up to £12,000 and use it for a deposit on new build homes in Manchester up to the value of £250,000.
This is one of the most popular Help to Buy Schemes in Manchester as you can earn a bonus per couple not per household, so if you’re buying a house with a friend or partner, you could receive a bonus of up to £6000 to go towards your house deposit.
Help to Buy Shared Ownership
The Help to Buy Shared Ownership Manchester allows first-time buyers or a family with a household income of less than £80,000 buy a share of their house and pay rent for the remainder of the house.
By using the Shared Ownership scheme, you’ll only have to pay a 5% deposit for the house whilst paying a discounted rent on the rest.
Help to Buy Equity Loan
The Help to Buy Equity Loan Manchester allows you to only save for a 5% deposit on a new build home in Manchester whilst the government will loan you up to 20% of the value of the house, meaning you will need to get a 75% mortgage to make up the rest.
You won’t have to pay interest on the government loan for the first five years, giving you a head start in paying it back.
If you're unsure which is more suitable for you, you can read our article on Shared Ownership Vs Shared Equity to gain a better understanding of both schemes.
Help to Buy Homes Manchester
With the average current asking house prices in Manchester at £224,153 and average current asking rent prices at £1,304 pcm, there is no wonder why many people are struggling to get on the property ladder. The cost of moving house continues to rise, making Help to Buy schemes seem even more appealing.
There are many housing developers and estate agents offering Help to Buy homes in Manchester. Some of the more well known developers with the Help to Buy schemes available include;
- Taylor Wimpey
- Barratt Homes
- Redrow
- Property Booking
- Urban Smash
- Plumlife
- Bellway
- JLL Manchester
- Keepmoat Homes
Help to Buy Properties Manchester
There are a range of housing developments and areas of Manchester that offer the Help to Buy schemes. We’ve listed some housing developments in Manchester that offer the Help to Buy schemes on their properties, including the property price.
Charlestown Phase 2, Salford
- Keepmoat Homes
- From £149,995
- Help to Buy available
Booth Hall, Blackley
- Taylor Wimpey
- £214,995 - £220,995
- Help to Buy available
Tudor Grange, Bury
- Bellway
- From £183,000
- Help to Buy available
Woodland View, Prestwich
- Redrow
- From £213,750
- Help to Buy available
Islington Wharf Locks, Ancoats
- JLL Manchester
- £299,950
- Help to Buy available
Fabrick, Cheadle Hulme
- Property Booking
- £135,000
- Help to Buy available
3Towers, Manchester City Centre
- Urban Smash
- N/A
- Help to Buy available
Weavers Place, Hyde, Greater Manchester
- Barratt Homes
- £147,995 to £171,995
- Help to Buy available
New Brunswick, Manchester
- Linden Homes
- From £279,995
- Help to Buy available
All house prices are taken from the developer’s website. Correct as of February 2019.
Help to Buy in Manchester
There are plenty of opportunities for first-time buyers in Manchester with new housing developments always on the horizon. Compare My Move spoke to 26-year-old Sam Bridge, a digital marketing consultant from Manchester.
Sam recently purchased his first home through the Help to Buy scheme in Burnage, Manchester. He states it took him 4 years to save the minimum amount needed of 5% for the deposit, which would have taken him 8 years without the help from Help to Buy North West. His two-bedroom semi-detached house cost £250,000 and is due to be ready by March 2019.
Redrow
Lesley Myers, sales manager for Redrow Homes (Lancashire), says: “Raising a deposit is regularly cited as one of the biggest barriers to homeownership for young people, and Redrow has long championed the government-backed Help to Buy initiative." Fox Meadows in Chadderton and Bridgewater View in Mosley Common are two Redrow developments that are committed to supporting people onto the property ladder.
Myers told Compare My Move that "both occupy commuter-friendly locations offering the best of both city and countryside life on the doorstep ideal for first-time buyers, along with Help to Buy options enabling would-be purchasers to move into a new Redrow home with as little as a 5% deposit.”
Fox Meadows in Chadderton features three and four-bedroom homes, starting from £244,995 – with Help to Buy options available. The development is handily positioned within easy reach of Oldham’s centre, the bright lights of Manchester and glorious open countryside.
Bridgewater View in Mosley Common features three and four-bedroom homes, starting from £295,195 – also with Help to Buy as an option. While being close to the buzz of Manchester, residents can also enjoy a host of nearby parks, restaurants, good schools and other amenities, including the Trafford Centre.
Linden Homes
Sian Pitt, Sales Director at Linden Homes North West, East and West Midlands, said: “Help to Buy has been a vital tool in enabling first time buyers to achieve their dream of owning their own home. She told Compare My Move that “Linden Homes is proud to offer Help to Buy at many of its developments including New Brunswick, Manchester and The Maltings, Penwortham. With a wide range of properties to choose from including two-bedroom apartments and two, three and four-bedroom houses, there’s something for everyone."
“Buying your first home may seem daunting, but Help to Buy can drastically reduce the size of the deposit and mortgage required to purchase a new build property. With the scheme due to end in 2023, I would strongly advise people to act now to ensure they benefit."
Linden Homes are hosting a Home Mover event at The Maltings on 9-10th March from 11am-4pm. Visitors will be able to view properties on the development and speak with an independent financial advisor to discuss finance options including Help to Buy.
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