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Another chapter begins for newly married couple
It may sound like something out of a fairy tale but this is the story of first time buyers Cathy and Nigel Tate from the Midlands.
The couple met at University a few years ago, got engaged in September 2016, reserved their first home in October 2016 and by August 2017 were married and settled in their Help to Buy home.
For their marital home Cathy (26) and Nigel (25) chose a 3 bed semi-detached property by popular house builder Redrow Homes.
“As soon as we saw the style of house we knew it was the one for us. We put our reservation fee down within an hour of visiting the development. We were sold straight away.”
They also fell in love with the location: “The house is located on the outskirts of Derby which is a perfect location for our families and has great access links”.
The couple, who were renting privately in central Derby, were initially looking to purchase an older property. Whilst visiting Redrow’s Langley Country Park development they realised that the only way they could purchase a house outright was with the Help to Buy Equity Loan scheme.
“The staff at Langley Country Park were really helpful, they told us exactly how the scheme worked and it seemed like the best option for us.”
The Government backed Help to Buy Equity Loan scheme allows buyers to purchase a new home worth up to £600,000 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.
Cathy, an analyst for the public sector, ensured that she researched the Help to Buy Equity Loan scheme thoroughly. When doing so, she found it easy to understand and a straightforward process.
“We were kept informed at every stage of the process by Help to Buy Midlands. This was really reassuring as we had quite a lengthy wait between reservation and completion as we reserved off-plan.”
Cathy and Nigel also used a Help to Buy ISA to save for their first home.
When asked their favourite thing about the house the couple explained:
“The dining space is a massive plus for us; we weren’t able to have a dining table in our rented flat so it’s nice to finally eat at a table rather than on our laps! We are also very sociable so it allows us to have friends round and enjoy our house rather than eating out all the time!”.
Nigel, a primary school teacher in Leicestershire is looking forward to converting the third bedroom into his study.
The newly-weds are so happy with their new home that they have been recommending Help to Buy to their friends and family:
“We have already recommended the Help to Buy Equity Loan scheme to Nigel’s brother who is looking at new builds in a similar area. It will definitely be a great way for him to step foot on the property ladder.”
In the immediate future Cathy and Nigel are looking forward to exploring the area, being a newly married couple and saving for their honeymoon!
In the long term they hope to start a family and put their own touch on the house.
Redrow Homes are building 255 new homes at Langley Country Park with prices starting from £168,000.
If the Equity Loan scheme seems like the right fit for you then visit our website for more information - https://www.helptobuymidlands.co.uk/help-to-buy---equity-loan