First-time house buyers in the Mansfield area are able to take advantage of the new Help to Buy scheme at Bellway developments in the area.

The latest version of the Government initiative can be used at the housebuilder’s Berry Hill development in Mansfield, off Sherwood Way East.

The updated Help to Buy scheme allows first-time buyers to purchase a new-build home with a five per cent deposit and a 75 per cent mortgage – it is no longer available to home movers. The remaining 20 per cent is provided in the form of an equity loan from the Government, which is interest free for the first five years of homeownership.

Properties eligible to be purchased under the scheme must be priced under the cap set for their region. This is a cap of £261,900 in Mansfield, which falls within the East Midlands patch.

Sales Manager for Bellway East Midlands, Steve Smith, said: “The new Help to Buy scheme will serve as a great boost for first-time buyers hoping to achieve the goal of becoming a homeowner.

“Help to Buy users can benefit from not having to save as much to pay a large deposit, while the equity loan means they have a lower loan-to-value mortgage – which enables them to have access to a wider range of mortgage deals.”

Bellway’s development at Berry Hill forms part of a wider new community which is planned to include up to 1,700 homes, a healthcare centre, a primary school, shops, a village centre, and more upon completion.

There are two property types available at Berry Hill which can be purchased by first-time buyers using the Help to Buy scheme – the three-bedroom Somerby, which is priced from £200,000, and the three-bedroom Lichfield, priced from £235,000.

Steve said: “We have carefully designed these homes with first-time buyers in mind – and they are reasonably priced in a desirable new community location which is well-situated for local amenities.

“Both the Somerby and Lichfield feature open-plan kitchen and dining rooms, separate living space, and en-suite master bedrooms, while buyers have the option of using the third bedroom as a guest room or for homeworking.

“As the homes at Berry Hill are selling very quickly, I would encourage anyone interested in taking their first step on the property ladder here to get in touch with the sales team to find out more.”

For more information on the homes Bellway is building at Berry Hill, call the sales team at 01623 541364, or visit bellway.co.uk.