It’s great to know that options exist that can help you get back on your feet
The Help to Buy schemes are not just for first time buyers. Nigel Lane, a Consultant in Acute Medicine from Bristol, was unable to afford a full deposit on another house after his divorce settlement. He turned to the Help to Buy schemes and was able to purchase a home in the same town, close to his children’s school and only a short commute to work.
Nigel says, “As part of my divorce settlement I wasn’t left with enough equity to buy a house with a 10% deposit, so it made sense to use Help to Buy.”
The Help to Buy Scheme has helped bring stability into Nigel’s life, as well as his children’s, as they know they have a house and a bedroom to stay in when they come to visit him.
“My new home is in the same town as my old one. It’s in a quiet part of town, easy commute to work and close to my children’s school. The local shops are not far away and town is only a 15 minute walk away. As a divorced dad it was important to have stability for myself and the children while all of the upheaval was happening, and now.”
The Help to Buy: Equity Loan is a scheme designed to help make your house purchase more affordable. With a 5% deposit, the Government could lend you up to 20% of the cost of your home, meaning you would only need a 75% mortgage to make up the rest. In addition, your loan will be interest free for the first five years. *
Nigel now lives in a newly built four bedroom home with a separate single garage that he otherwise would not have been able to afford. He tells us, “I would definitely recommend the scheme. The process was easy and made a new home affordable for me as newly divorced dad. It has also given me five years before I have to consider my loan options again.”
We asked Nigel what his favourite part of his house is and he tells us about the kitchen diner and the importance of the time he spends with his children. “I made sure I ordered as many features as needed to make life easier for me and the children after a busy day at work and school. It has an induction hob, separate drinks fridge and double oven. We can sit and eat together which I think is really important.”
He continues, “Life can change dramatically, so it’s great to know that options exist that can help you get back on your feet and keep your family stable. Without the Help to Buy scheme I would never have been able to afford my lovely new home.”
* The equity loan is interest free for the first five (5) years, but in the sixth (6) year of ownership, a fee of 1.75% of the equity loan based on the market value at the time you purchased is payable monthly, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%. This is applicable if you have not paid back your equity loan by the end of year five (5). An illustration will be given to you at the time of purchase.