First-time buyers, give your deposit a boost with a Help to Buy: ISA. Now is a great time to beat the rush and register your early interest in a highly anticipated new housing development coming soon to Cardiff.
The Mill in Canton is a landmark development just to the west of the city centre, where developer Lovell Homes, in partnership with the Tirion Group, is creating 800 top-quality one- and two-bedroom apartments and two-, three- and four-bedroom homes in this stunning riverside location.
With the first homes set to be available in 2017, Lovell has invited homeseekers to get in touch now to register their interest and get updates on the latest news about the scheme.
25% savings bonus for first-time purchasers
“If you’re a first-time buyer, this is also the perfect time to start saving for your deposit through a Help to Buy: ISA – and benefit from an extra 25 per cent on top of your savings from the Government,” says Lovell sales manager Julie Bowen. “We know that saving for a deposit is often the biggest hurdle for people trying to get on to the housing ladder, so this is a great opportunity to get significant financial help from the Government. With our first homes at The Mill set to come on to the market next year – including homes ideal for first-time buyers –you can maximise your savings with the chance to get £50 free from the Government for every £200 you put away.”
Designed specifically for first-time purchasers, the ISA enables savers to save a maximum of £200 each month. Find out more here.
They can also increase their total with an initial one-off deposit of £1,000 – the Government will contribute a bonus of £250 on this amount. The minimum Government bonus is £400 which can be claimed after you’ve saved at least £1,600 into your Help to Buy ISA. The maximum Government bonus savers can receive is £3,000. To receive that, you need to have saved £12,000.
In general, the Help to Buy: ISA is open to first-time buyers resident in the UK and over the age of 16 on properties worth up to £250,000 (£450,000 in London). The home must be mortgaged to qualify and it’s not available to people planning to rent out a property.
The Mill will create a £100 million new urban village at the 53-acre former Arjo Wiggins Paper Mill site, in Canton, to the west of the city centre, in one of Wales’ biggest urban regeneration programmes. Around half of the 800 brand-new properties at The Mill will be affordable homes. The development will provide homes for discounted rent, open market rent and social rent with the first phase of development set to create 358 homes for open market sale by Lovell.
This brand-new sustainable community will feature a mix of high-quality houses and apartments as well as provide new business, commercial and recreational space. For more information on the development’s homes for rent, please visit the website.