New homeowners across Scotland could receive £750 towards monthly mortgage repayments thanks to a new initiative launched by the UK’s largest homebuilder. Barratt Homes and David Wilson Homes will contribute £750 for every £25,000 of the purchase price of the property, up to a total of £15,000.
As the nation continues to battle the cost of living crisis, the new scheme will help potential buyers to get on the property ladder at a time of inflation and rising household bills. Buyers who reserve selected new homes and move in by March 31, 2023, are eligible, enabling some homeowners saving up to £15,000 on the first year of their mortgage repayments.
In addition to saving money on mortgage payments, by purchasing an energy efficient new build home, consumers could also save around £200 each month on their energy bills.
Barratt Homes and David Wilson Homes feature highly thermally efficient insulation and argon-filled double-glazing, which could make homes up to 65 per cent cheaper to run, saving owners approximately £200 per month compared to an equivalent-sized Victorian home, according to recent research by the Home Builders Federation.
Commenting on the initiative, Douglas McLeod, Regional Managing Director for Barratt Developments Scotland, said: “We’re really pleased to announce our mortgage contribution initiative as we carry on our commitment to helping consumers to buy their own home.
“We understand that people still aspire to home ownership regardless of the economic environment. This new initiative has been developed to support buyers at this challenging time.”
He added: “We hope that our mortgage contribution scheme, combined with the cost-saving benefits of an energy efficient home, will make a difference to consumers who are hoping to get on to the property ladder.”
The mortgage contribution initiative applies to reservations taken on, or after, October 20, 2022 and legal completion must take place on, or before, March 31, 2023.
Visit the website for more information on the mortgage contribution here.
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