Escape the rental rut

Date: Thursday 26 December 2013

Escape the LandlordAspiring homeowners can escape the landlord for good – and for less than they might think – by buying the home of their dreams at one of Taylor Wimpey’s fantastic developments.

The cost of renting has gone up by an average of 2.7 percent since last year, placing a further squeeze on the already-stretched budgets of householders who are facing hikes in energy prices and other utility bills.

The good news is that tenants can own a fantastic brand new home of their own – and even save money in the process thanks to helpful initiatives such as the Government’s Help to Buy scheme.

Kevin Belsham, UK Sales and Marketing Director for Taylor Wimpey, says: “Many people who are renting their home simply continue to do so, never entertaining the idea of home ownership because they wrongly assume that it is out of their price range.

“But they would be surprised to learn that buying could actually cost them less each month than what they are paying in rent. What’s more, with the Government’s Help to Buy scheme, renters who make the move to become homeowners may also find they can afford to upgrade to a bigger house than their current property.

“At our developments, there are a range of incentives available to help would-be buyers become homeowners, so renters who dream of escaping the landlord should not delay in finding out more.”

Help to Buy makes purchasing a new home even easier and more achievable as it enables first-time buyers and those looking to move home to secure a Government loan for 20% of its full price – meaning they only require a 75% loan-to-value mortgage and a 5% deposit.

Help to Buy is available on new-build homes up to the value of £600,000 (£400,000 in Scotland and £300,000 in Wales). There is no salary cap for purchasers taking advantage of the scheme.

The average UK rent had gone up by 2.7% in October 2013 compared with October 2012, according to homelet.co.uk/rentalindex.