Housebuilder offers new support schemes for homebuyers – ‘Alternative to Help to Buy’ | Personal Finance | Finance

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Speaking on what inspired the initiatives, Jo Winston, sales and marketing director at St. Modwen Homes, told Express.co.uk: “Both our ‘Deposit Boost’ and ‘First Time Buyer Boost’ schemes were designed with buyers in mind.

“We understand that each prospective homeowner comes with different wants, needs and financial situations – and for this reason, we wanted to create a variety of schemes for our customers, to suit their individual buying journeys.”

Ms Winston continued: “For instance, our Deposit Boost scheme was created to support both first-time buyers and existing homeowners looking to buy a new home. The contribution from St. Modwen Homes allows buyers to put down a larger overall deposit, which helps them access competitively priced mortgage products. It also alleviates some financial stress as they may not need to save as much of a deposit as they originally planned.

“Our First Time Buyer Boost was created as an alternative to the Help to Buy scheme. It goes without saying that Help to Buy was great at enabling first-time buyers to get onto the property ladder. However, we understood that not every first-time buyer wanted to use the scheme – for example, those looking to purchase with a bigger deposit.

“We wanted to give prospective homeowners a scheme that suited their preferences and needs, whilst still relieving the pressure of the many fees that come with buying a home.
“So far in 2022, we’re proud to say that 184 people have secured their St. Modwen home with our First Time Buyer Boost scheme.

“Thanks to the initiative covering bigger upfront costs such as solicitor fees, we expect this to continue to be a popular choice amongst first-time buyers as it supports with financial freedom.”

Kettel Homes

Kettel Homes investment platform aims to help buyers “move in without a mortgage”. Kettel purchases existing freehold single-family homes between £125,000 and £400,000, allowing first-time buyers to step onto the ladder with a minimum deposit of two percent.

Kettel then rents homes back to them at market rates while they save for a deposit, build their credit and expand their affordability. The initial two percent will also be put towards the overall deposit if they choose to purchase.

The rental period lasts for 36 months before smoothly allowing the renters to transition into owning the property.

Over the course of the 36 months, Kettel promises fixed rent prices, and it will also help design a savings plan to build a 10 percent deposit to help the renter buy the home at the end of the rental period.

Speaking on Kettel’s launch in the summer, CEO and co-founder, Trevor Stunden, exclusively told Express.co.uk: “It was a personal challenge that I and my cofounders faced when we were looking to get onto the housing ladder a number of years ago and it’s a challenge that resonated in our friends. It’s a conversation that, if you’re anywhere between your early twenties and late thirties, comes up almost constantly at barbeques and lunches and hanging out with friends.

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