Read our latest case studies & discover more about buying your own home with Help to Buy.
Home is where the heart is
Having worked abroad in Dubai, Mauritius and Shanghai for 20 years, a new contract brought Richard, his wife Li and their family back to the UK.
They privately rented for two years in Loughborough before deciding to stay in the UK for good and then started their search to buy a family home. However, the road to home ownership was not as straightforward as they had hoped. Each time they found somewhere they liked they were too late; it had already been sold.
After several disappointments, they decided to look at new build homes instead which appealed to Richard: “Once you’ve reserved a plot, it’s yours”.
Another stumbling block for Richard was his age. At 57, he had some difficulty getting a mortgage that was affordable, as he would be restricted to a short mortgage term. However, they were at The Chimes development in Loughborough, being built by David Wilson Homes when they found out about the Help to Buy Equity Loan scheme.
The scheme enables buyers to secure a new home with a 5 per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is provided by an equity loan from the government which is interest free for five years.
The on-site mortgage advisor from Meridian Mortgages suggested Help to Buy, as it meant Richard would need a smaller mortgage, making it more affordable even with a shorter term.
It was a no-brainer for Richard: “I couldn’t have bought without Help to Buy”.
Their plot had just been released when they reserved it in September 2017 and the family moved in at the end of May. Now they’re all settled in, what do they think of their new home?
“It’s great, we love it”!
If you'd like to find out more about the Help to Buy Equity Loan scheme click here.