Liam, 29, has flown the parental nest to a home of his own at Redrow’s College Court development in Wigan.
He was able to cut the cost of setting up home by taking out an equity loan through FirstBuy. That scheme has now been replaced by Help to Buy, which is also open to those moving up the property ladder.
Under Help to Buy customers with a 5% deposit can take out an equity loan for up to 20% of the purchase price. They will then only need a mortgage for 75% of the property’s value.
“I was living at home with my parents and saving for a deposit so that I could buy a home of my own. I wasn’t in a rush to move out but couldn’t see myself buying and living in someone else’s house and then having to do it up. I wanted something brand new that would be easy to maintain,” Liam explains.
“I work at the Robin Retail Park, opposite College Court and thought that the Redrow homes were ideally located for me. When I heard about the equity loan scheme I realised it was the perfect way to get onto the property ladder. I only needed a 5% deposit, plus my mortgage repayments are easier to afford than if I had bought on the open market.”
Liam was pleasantly surprised by how simple and straight forward Redrow made his buying experience.
“As a first time buyer I thought the buying process would be daunting, but Redrow were excellent. They guided me through each step and put me in contact with a mortgage specialist and solicitor. In fact the whole thing was pretty easy,” he said.
Retail manager Liam is now the proud owner of a two-bedroom Evesham style property. Despite the low price, his home boasts Redrow’s high specification. The kitchen is well equipped with integrated top brand name appliances; while the bathroom enjoys a sleek modern suite.
“If I had bought second hand it would have taken me years to put in a new kitchen and bathroom as I wouldn’t have had the funds to do it whereas my house was ready to move into. Plus because so many of the kitchen appliances were included it made it even more affordable as I would have to buy them otherwise,” Liam adds.
“I would tell anyone looking for their first home to buy new rather than an older property that needs work doing to it.”
College Court offers a good choice of homes with two to four bedrooms. Current prices start from £103,995 on the open market or an initial outlay of £83,196 with Help to Buy.
A two-bedroom Evesham style property, similar to Liam’s, is available from £117,995 or an initial outlay of £94,396 with Help to Buy.
The Help to Buy price is made up of a 5% deposit from the customer of £5,900 and a mortgage of £88,496, which amounts to 75% of the property’s full value. The remaining share is covered by an equity loan, which is interest free for five years and can be repaid when the customer has more funds available or when they resell.
To discover how you could purchase a brand new home at College Court with Help to Buy, visit the sales office, open daily from 10am to 5.30pm.
For more information, call 01942 396670 or see www.redrow.co.uk/collegecourt.
Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its New Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established more than 35 years, the company has won numerous awards over the years. Redrow received a 5* Award in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards. Web: www.redrow.co.uk.