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Second time lucky for first time buyers
Hilary came to the UK in 1999 from Zimbabwe and had been privately renting with his wife Muchaneta, for six years before their dream of being homeowners finally came to fruition.
Even though the sale of their first home fell through, they weren’t put off and when Hilary’s brother-in law suggested that they might like the new homes being built by Ashwood Homes in Spalding, Lincolnshire they went along for a look.
They loved the location and were pleasantly surprised by the size of the rooms in the show home and decided that this was where they wanted to live. When they found out about the Help to Buy Equity Loan scheme they realised it was their route onto the property ladder. As Hilary remembers; “We would not have been able to buy the home we wanted without Help to Buy”.
The scheme 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.
Hilary and Muchaneta reserved their new home off plan and although it was a few months before it was ready, they found the application process straightforward and everything went smoothly. Perfect timing too, as baby Olivia was born just two weeks after they moved in; a new sister for daughter Phoebe!
They love being home owners as opposed to renting, as they have the freedom to decorate to their own taste and improve their home in the future if they want to. Their mortgage is also cheaper than the rent at their last home which is a bonus.
Now that they are finally on the property ladder Hilary says: “We can’t believe this is ours, it’s a big achievement”. Their family love their new home too and the couple surprised everyone when they came to visit, as they hadn’t told anyone they were buying it! In fact, Hilary is so pleased he has already recommended Help to Buy to one of his friends.