St Modwen buys into Help to Buy

ST Modwen Homes – the residential arm of  Birmingham developer St Modwen – has launched the Government’s Help to Buy scheme at its Park View housing scheme in Longbridge.

Available to all househunters, including first time buyers and those looking to take their next steps, Help to Buy was announced in this year’s Budget and allows purchasers to secure a new home with a deposit of just 5%.

Under the equity loan scheme, purchasers will pay 80% of the price of a house at Park View – made up of a 75% mortgage and 5% deposit – as the Government will lend the buyer 20% of the value of the property through an equity loan. The new homeowner, however, will own 100% of their new house.

Help to Buy has replaced St. Modwen Homes’ own equity loan scheme, FirstStep, which was previously available at Park View.

Park View is the first residential development to be delivered as part of the regeneration of Longbridge.

The new town centre – which will include a Premier Inn, Beefeater and Sainsbury’s, along with other retail offerings – is on course to open later this year.

Guy Gusterson, managing director of St Modwen Homes said: “The launch of the Government’s Help to Buy scheme has been widely welcomed in the housing industry and we are very pleased to reveal that we have already sold a number of homes under the new initiative.

“It really can make all the difference for a large number of potential purchasers.”