Kyle and Louise’s home ownership dreams were exceeded thanks to Help to Buy

Published: March 2018

Kyle Beckett, a Supplier Manager from Andover and his wife, Louise, a Project Manager, were looking for their first home when they came across the Help to Buy Equity Loan scheme.

“When we started our search for a home we were not looking at using Help to Buy,” says Kyle, “however, the houses within our price range did not offer what we wanted from our first home. When we found out that our dream home could be bought using the Help to Buy scheme, we did a lot of research into it and decided the Equity Loan was perfect for us.”

The Help to Buy Equity Loan scheme enables purchasers to buy a new build property with a 5% deposit and borrow up to 20% of the value of the home from the Government as an interest-free loan*. You will need to be able to raise a 75% mortgage to cover the remaining cost of the home.

After finding their dream home, the Help to Buy scheme was a quick and easy process for them. “We found our perfect home in a beautiful area of the country, it’s a perfectly sized house for a very reasonable price and a place we know we can start our family”, says Louise.

“After looking at properties almost every weekend for four months, the moment we stepped into the Crofton G show home, we knew we’d finally found the perfect home,” adds Kyle. “Once we had decided on the house, the process was much easier than we expected. The house still had about nine months until completion, but the exchange was done within three months of reserving our plot. After hearing horror stories from friends about their ordeals of buying a home, we were really pleasantly surprised with everything and so grateful that everyone we dealt with was fantastic.”

Having previously lived with parents, Kyle and Louise were able to save a 5% deposit of £14,850 to put towards the purchase of their new home. The property’s full market value was £297,000, but with the help of a 20% Equity Loan it made the purchase price £237,000, meaning their monthly mortgage payments are an affordable £871 per month and the Equity Loan is payment free and interest free for five years.

The Help to Buy scheme has not only exceeded this couples expectations but they couldn’t be happier with their choice of home.

“The size of the Crofton G is what made us choose it. The second bedroom is twice the size of most master bedrooms we had seen in other houses and our master bedroom on the second floor is what really sold us this house,” explains Louise. “After living in an apartment, there is nothing better than coming home to that bright, airy haven. With the space the Crofton provides, we can start a family in this house and not have to consider moving somewhere bigger for many years, which is really comforting to know.”

“Thanks to Help to Buy we were able to buy a house which we never thought was in our budget,” adds Kyle, “that little bit of extra help made an enormous difference and meant we could afford a house that we want to live in for many years without the worry of out-growing it. We would definitely recommend it to anyone looking to get on the property ladder.”

* 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.