Need help to buy a new home? The Government backed Help to Buy: Equity Loan could be the answer. We spoke to two recent Redrow homeowners to find out their experience.
Wanting something to call their own
Lucy and Garth’s story is similar to many. They had been together for 8 years and were serial renters, moving around different properties as their rental agreements came to a close. After becoming frustrated in rented accomodation they discussed their future and decided that they wanted to own a home which they could really make their own.
Lucy recalled it was helping her Mum move into an older property last year that convinced them that they wanted a new build home. After seeing the work and maintenance older properties can require, they wanted something Readymade. They visited a couple of different developments, but after seeing the size and specification of Redrow’s Heritage Collection they knew it was perfect for them.
A helping hand, every step of the way
While they stress one of their biggest recommendations would be to do as much research as possible, the couple said they couldn't have done it without the help and guidance of their Sales Consultant.
Redrow put them in touch with a recommended financial advisor who explained the ins and outs of the scheme, including what they would have to pay back and when. Garth was particularly happy with the services of the financial advisor as everything was focused on what the couple could sensibly afford.
It was quite emotional knowing we had finally bought out dream home
From dream home to real home
Because they only needed a 5% deposit, Lucy and Garth felt they could afford the family home they had always dreamt of and not have to ‘climb the ladder’ by buying a smaller home which they would soon out grow.
After initially enquiring in October, their move was one of the quickest, moving into their new home in time for Christmas. Lucy recalled being emotional at the thought of knowing they owned the home they had thought about for so long.
Thanks to the efficiency of everyone involved, the pair were able to host Christmas for both families for the first time ever.
All you need to know about Help to Buy
The Help to Buy: Equity Loan is a Government backed scheme which allows you to move into a new build home with just a 5% deposit. For more information on the scheme, head to the Help to Buy section of Redrow’s website.
The current Help to Buy: Equity Loan arrangement will run until 2021. A new scheme has been confirmed to run from April 2021 until March 2023, but this will be restricted to first-time buyers only.