Michelle Hammond and Gary Boakes were delighted to find that with Help to Buy they could purchase their first family home…
Being mortgage advisors, they had already seen Help to Buy benefit other first-time buyers. Now, the couple had the opportunity to take advantage of the government scheme themselves.
Gary, 35, and Michelle, 32, were renting a three-bedroom semi-detached property in the village of Durrington, Wiltshire. However, with a family of five children and a marriage planned for August, they wanted to upsize as soon as possible. They soon found the ideal new home in nearby Amesbury, a four-bedroom detached new house in Bloor Homes King’s Gate development.
Help to Buy meant that after putting down 5% of the purchase price, a further 20% was given as an equity loan towards the deposit. This, in turn, meant they had a more affordable 75% mortgage to pay. With the equity loan being interest free for the first five years, buying the new home was even more within their budget.
As Gary explained: “Being a mortgage advisor, I spend a lot of time advising people about Help to Buy so when it came to buying our own property, I had no hesitation in using Help to Buy as I already knew how great a scheme it is.
“As a family, we wanted to move out of rented accommodation and into our own new home as soon as we could. With a wedding on the horizon, being able to put down a 5% deposit with Help to Buy made it far more affordable. The 75% mortgage also meant our monthly payments were well within our budget.
“We really needed more space and we always preferred getting a new build precisely because it allowed us to use Help to Buy. It was simply the quickest and easiest way to buy our first new home.
“When this particular new house became available, it seemed like it was meant to be. The quality of new homes you get with Bloor Homes is exceptional. We especially love the open-plan kitchen and diner which is ideal for a large family like ours. The four bedrooms are all a really good size and the new home itself is also in a great location overlooking an open field. Plus, all we need in terms of amenities are here and it’s only 15 minutes by car to Salisbury. Another bonus was that I found the process of buying the new house was very smooth with the sales advisors being very helpful.”