Help to Buy helping young family move to Bracknell
21 August 2013
A young family who had taken to drastic measures to save a deposit for a new house have been able to move earlier than expected thanks to a Government-backed equity scheme.
Adele Lambert, her husband Sam and their two year old son have reserved a property on Persimmon Homes’ Jubilee Collection at Sovereign Fields development in Bracknell thanks to the Help to Buy scheme introduced by the Chancellor in this year’s budget announcement.
The family had taken extreme action to fulfil the dream of owning their own home and had moved in with Sam’s mother so that they could use the money they had been spending on rent to save for a deposit.
The couple thought that this was the only way they were going to be able to save the large deposit required to secure a mortgage on a home big enough for their growing family. But when they heard about the Help to Buy scheme she paid a visit to the sales advisors at Sovereign Fields.
Adele, 31 from Fleet in Hampshire, says: “My mother in law very kindly offered to let us move in with her, for which we are eternally grateful, but it’s not quite the same as having your own place, especially with a little one, so to be able to purchase our own home far earlier than expected is amazing.”
“The Help to Buy scheme came along at exactly the right time. After speaking to the Persimmon sales advisors, it seemed to be the perfect solution to our problem of saving a large deposit. We’d previously been looking at mortgages requiring 20 per cent deposit but the five per cent required for the Help to Buy scheme was far more achievable.
“We’ve now been able to move closer to Sam’s work, in an area with access to good schools for our son and can now begin to plan our future together in our family home.”
Sales advisor Glenda Counterman says that Help to Buy is helping many people in a similar situation to Adele and Sam. “Under the scheme the Government provides an equity share loan of up to 20 per cent of the purchase price, interest free for the first five years. The buyer pays a five per cent deposit and takes out a mortgage for the remainder.
“We urge anyone who thinks that securing a mortgage loan is unachievable to talk to us and find out whether we can turn their home ownership dreams into a reality.”
Across the country more than 4,000 people have already reserved a home under the scheme, announced by Chancellor George Osborne in his March Budget. The majority of the people using the scheme are first time buyers, although a significant minority of second-time buyers have also taken advantage of the offer.
Adele and Sam bought their four-bedroom Huntington house type off-plan meaning that they could choose from a range of finishing touches to personalise their home and also see the property being built. Many more customers are realising the benefits of reserving early and being able to choose their chosen plot within the development
Out Thames Valley office are currently developing more sites across Berkshire, Buckinghamshire, Oxfordshire, Bedfordshire, Hertfordshire and Middlesex. For more information on homes currently available, as well as Help to Buy, or any of the other schemes and incentives please explore the tabs above.