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Bogdan and Maria find their way out of the rental trap
Bogdan & Maria found themselves stuck in the rental trap – with their private rent being so high, they realised just how hard it was to save for a deposit so they could finally get on the property ladder. As Bogdan says; “We just wanted our own place and security for the family”.
They had already heard about the Help to Buy Equity Loan scheme, which allows buyers to purchase a new home with just a 5% deposit and a 75% mortgage. The remaining 20% is covered by an equity loan from the government, which is interest free for the first five years.
However, it was only when they visited the Elsea Park site in Bourne, Lincolnshire and spoke to the sales advisor there at Kier Living that they fully understood how the scheme works.
Once they had taken some financial advice they realised that they could afford to buy a three bedroom house with Help to Buy and immediately reserved their plot off plan. It was in the early stages of construction so over the following weeks they watched their home being built. It was very exciting, as every time they visited, something else had been added.
Bogdan and Maria picked up the keys in April and love being on the property ladder at last. They say there’s an enormous difference between renting and being a home owner; “When we were renting we were living in a home but now we can say that we are living in our home”.
They wouldn’t have been able to buy when they did without the Help to Buy scheme; Bogdan thinks it would have taken another two to three years to save for the deposit. Their mortgage is cheaper than the rental they were paying so now they intend to put this saving away every month and use it towards repaying the Help to Buy loan in the future.
It looks like Help to Buy has made this family’s dream come true and a final word from Bogdan when asked if he would recommend Help to Buy to a friend. “Definitely!”