Hope for Lincolnshire househunters thanks to new housing scheme

A housing scheme exclusive to new build homes and apartments has launched in Lincolnshire, helping locals to get on, and move up the property ladder with smaller deposits.  

Allowing house hunters the opportunity to purchase a new build home with as little as a five per cent deposit, Chestnut Homes has partnered with Own New, a home ownership company that has launched a scheme to make purchasing a home more attainable.   

According to Halifax, the number of first-time buyers in 2022 dropped by 11% as the average deposit rose to almost £62,000. In 2023, deposits and mortgage affordability constraints remain the biggest barrier to owning a property.  

The new mortgage scheme hopes to increase opportunities for buyers following the withdrawal of the government Help to Buy scheme which came to an end in October 2022.  

The scheme is open to first-time buyers and people who have previously bought a home, including those purchasing higher-value properties. To make use of the scheme, buyers will need to apply for a standard mortgage through an independent financial advisor, and will be assessed on their ability to make the repayments. 

Helene Key, sales manager at Chestnut Homes, said: “We’re committed to helping as many people as we can achieve their dream of buying a new home. We pay a small fee on completion, which means we can offer this scheme at no extra cost to the buyers. We believe that everyone should have the opportunity to own a home which is why we’re proud to be doing our bit to help Lincolnshire house hunters through the Own New Scheme. 

“For first-time buyers and current homeowners, Own New means you can move with just a five per cent deposit, rather than spending years saving for a larger one, or trying to build equity. The scheme is also ideal for the self-employed or those with more complex financial situations but still allows buyers to own 100% of their home.” 

Own New will allow buyers to secure their first or next home sooner, without the need for a large deposit, and is at no additional cost to the buyer. The scheme is yet to roll out nationally, but is currently being offered to house hunters across the East Midlands and parts of Yorkshire and The Humber.  

The scheme is currently available at all Chestnut Homes’ developments in Alford, Boston, Coningsby, Dunholme, Sibsey and Market Rasen.  

For more information about the Own New scheme, visit www.chestnuthomes.co.uk/buying-guide/own-new