First-time buyers step onto the property ladder at LN6

A development in Lincoln is proving to be the place to climb onto the property ladder – with three-quarters of the homes sold so far being snapped up by first-time buyers.

Chestnut Homes is building 52 homes at LN6, off Westbrooke Road, and 73 per cent of its sales so far have been to first-time buyers.

And three-quarters of these first-time buyers have taken advantage of the government’s Help to Buy scheme to become homeowners.

Under Help to Buy, purchasers who do not currently own a home can buy a new-build home with a five per cent deposit and 75 per cent mortgage.

The remaining 20 per cent is provided as an equity loan which is interest-free for five years.

David Newton, Managing Director of Chestnut Homes, said: “Owning a home to call your own is one of life’s big goals, and it’s wonderful for us to see so many first-time buyers getting a foothold on the property ladder at LN6.

“Help to Buy has been a key tool for the property market since its launch four years ago, and the scheme has helped the vast majority of our first-time buyers at LN6 – as well as many others across the county and country – to buy their first home.

“We’re proud to be building quality, attainable homes in Lincoln and to be playing a part in turning peoples’ dreams of home ownership into a reality.

“With Help to Buy, aspiring homebuyers might be surprised to find that their mortgage payments could cost them less than they are paying in rent.

“Likewise, they may well also discover that they can afford to buy sooner than they thought, thanks to the scheme.”

LN6 is being built on land between Westbrooke Road and Tritton Road, and was recently shortlisted for the Residential Project of the Year award at the Lincolnshire Construction and Property Awards.