Under the Help to Buy scheme first time buyers and movers can take out an interest free, five year loan for up to 20% of the cost of a new home, meaning they need only a 5% deposit and a 75% mortgage to buy a property. When purchasing in London, you can access up to 40% of the cost of your new home, with a 5% deposit meaning on a 55% mortgage is required, making the purchase of your new home even more affordable.
The Government’s flagship Help to Buy Scheme has proved a winner for Reece Bullen, Kirsty Storey and three-year-old Charlie, as it was only through the equity loan scheme that they were able to afford to buy their very first home.
The young family lived separately with their parents for 18 months, while they saved to buy at Hill’s development, Aston Vale, on the outskirts of Stevenage. Using their savings and with help from their parents, they were able to save a 5% deposit, so with an 20% equity loan from the Government and a 75% mortgage they were then able to purchase a spacious two bedroom family house with a garden.Reece, an electrician and Kirsty, a sales administrator, both 24 years-old, comments: “Kirsty and I were desperate to find a place which had enough room for Charlie and which would be somewhere we could make our life together as a family. But with property prices rising, even our joint incomes weren’t enough for us to save a deposit. I had heard about the Help to Buy scheme in papers and when I found out the details it was the perfect option. Without Help to Buy we wouldn’t have been able to get on the property ladder. “When we moved in we were over the moon and I’ve never seen Charlie so happy. Our house is perfect, the layout is family friendly and the materials used in the house are high quality. Aston Vale is a brilliant place to bring up a family because there are so many green open spaces and you feel very safe. We’re so happy that we’ve been able get on the ladder and now we’re looking forward to planning our future together.”