We live in a house we never imagined being able to afford
Sam, an Investment Consultant Manager and his partner Hollie, a Technical Support Officer, were privately renting in Bristol when they found out about the Help to Buy Equity Loan scheme, whilst looking around a new build estate in the area.
As a young family with new baby, Bobby, the couple were initially looking for a two or three bed family home, somewhere close to their work places and local amenities.
To Sam and Hollie’s delight, the Help to Buy scheme has allowed them to secure a four bedroom home as first time buyers. Hollie explains, “we were initially interested in cheaper houses as they were more within our budget, but the Help to Buy Equity Loan scheme has allowed us to secure a property we couldn’t of imagined being able to afford as a first home”. In addition, Sam tells us, “The house was the nicest of everything we had seen in our search.”
“The Help to Buy Equity Loan scheme has enabled us to have a home that we would have wanted in ten years time. It is such a good scheme – it enables people to purchase a home they may not have had the opportunity to on the open market. The scheme is a great tool to help people not get left behind.”
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. *
The couple and their son are now settled in a home they love. They tell us that their favourite parts of the house are the size bedrooms and the garden, which they are excited to let Bobby play in when he’s older.
Sam says, “We would definitely recommend the Help to Buy Equity Loan scheme. I’ve been able to secure a better home with an interest rate lower than my mortgage agreement.”
* 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.