Budget Bounty for New Homes Builders.

March 30, 2012 - PRLog -- THIS month’s Budget may have grabbed the headlines for all the wrong reasons, however Devon property developer Heritage Homes has welcomed one new initiative in particular.

Chancellor George Osborne announced that the Government will add £150m to the already £400m set aside for Get Britain Building – a coalition of organisations from within the construction sector who are calling for the creation of a new business environment to help the UK construction industry thrive and prosper.

The extra finance is expected to increase the supply of new, affordable homes across the country.

"The NewBuy scheme uses the Government's balance sheet to help those who cannot afford the larger deposits that some mortgage companies are now demanding,” Mr Osborne said. “And to ensure that there are new homes for sale, we are today expanding the Get Britain Building fund that provides upfront finance to construction firms."

After hearing the news, a Heritage Homes spokesperson said: “We welcome any such initiative which helps buyers get their foot on the ladder so amidst all the doom and gloom of this year’s Budget there is at least some good news.

“It’s certainly a step in the right direction as both buyers and builders have been desperate for things to get moving again for what seems like an eternity.

“Ironically, as a company we already do all we can to help buyers with all budgets secure the home of their dreams and this will really add to the volume and variety of new property for sale out there.”

The Government’s NewBuy scheme is aimed at first-time buyers and those who already own a home who only have funds for a 5-10% deposit on the home they wish to buy in England. The lenders participating in the scheme will provide a 90-95% loan-to-value mortgage for buyers meeting their qualifying criteria.

If you have any questions regarding any of Heritage Homes’ new developments, or if you’d like to request a brochure, call 01392 829900 or visit http://www.heritagenewhomes.co.uk

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