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Family of four buy their first home through the Help to Buy Equity Loan scheme
Naveen (32) and Himabindu (31) Yamagani bought their first home near Dudley in the West Midlands through the Help to Buy Equity Loan scheme.
For their first home, Naveen, his wife and their two young children opted for a four bedroom terraced property by local house builder Devan Homes in Tipton. Before buying a house the family lived in rented accommodation for three and a half years.
“Our family is growing and we can’t afford to keep moving house and renting homes with extra bedrooms. Buying a home seemed the best option as we would like to have more children in the future and it meant we could settle down in an area before the children start school.”
When it came to buying a home through Help to Buy Naveen says:
“I spoke with the Help to Buy Midlands’ team of advisors before reserving the house and they explained the process clearly. I was very happy with the overall service I received from Help to Buy Midlands. We got approved quickly and felt that the process went very smoothly.”
The 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.
The family love that no-one has lived in their house before and they are able to put their own mark on it. They have also found themselves with the same financial outgoings “We pay the same amount for our mortgage as we were paying to rent our previous smaller house which is great for a growing family.”
Naveen has no plans to move anytime soon as he views it as his “lifelong home”. With the family visiting India annually to see friends and family they are looking forward to returning the favour and welcoming friends and family to the UK and their new home.
Naveen, Himabindu and their children are really looking forward to the future in their new home. Naveen added, “We really love going camping with the children and are so happy we now have our own garden that they can play in. When it gets to summer we can’t wait to see them outside enjoying it!”
“I would thoroughly recommend the Help to Buy Equity Loan scheme for anyone who has an expanding family and wants to escape the rental market – it’s made such a difference to our lives.”