Why marriage before mortgage was the perfect choice for this young couple
Marrying before getting a mortgage allowed young couple Marie and Phil to get both the wedding and the house of their dreams.
Marie said: “When I met Phil I was renting and following our wedding we moved back in with my parents – perhaps not what every newlywed would do, but It gave us the opportunity to save together for a deposit. If we had purchased a home first there is no way we would have been in a position to pay for a wedding while also paying monthly mortgage repayments.”
When it came to purchasing a property they were planning to buy a home in the second hand market and weren’t convinced by the benefits of the Government backed Help to Buy scheme available on new build properties.
Marie added: “I was absolutely adamant that I wouldn’t buy a new build house or use Help to Buy when purchasing my first home. But in hindsight we couldn’t have made a better decision. Following our wedding we moved in with my parents and were able to save up for a deposit together. We managed to save £18,000 in 12 months, but the three bedroom houses we had been looking at in and around the area needed deposits of over £35,000, and while we could secure a mortgage we didn’t have the deposit. Plus the three bedroom houses all required work – a new kitchen and bathroom were the bare minimum and we would have had to save to carry out the works, lived in dust and no doubt had added stress.”
One thing the couple were keen to avoid was any additional stress. A car accident in 2018 had left Marie unable to work for ten months and means trips to the hospital are still a regular fixture in her life.
Marie said: “The car accident really knocked me sideways and one day we went out for the afternoon to distract me and Phil suggested we pop in and see Redrow’s show homes at Great Dunmow. The properties were absolutely amazing, really stunning interiors and high quality, but definitely out of our price range.
“Despite this, our sales consultant, Bridgeen, still treated us like prospective customers, she showed us around and then mentioned that Redrow had a new development, Rayne Gardens, which would be launching in Braintree. Bridgeen also explained in more detail about the Help to Buy scheme and how it could benefit us, she also recommended we speak to one of Redrow’s financial advisers to understand whether we could afford to purchase.
“Armed with our new-found knowledge we went to see the Redrow homes at Rayne Gardens a few months later. The three bedroom Amberley that we now live in was under construction, but had its kitchen, bathroom and lights already fitted. It was in the perfect place within the wider development and we were able to move in within three months.”
By using Help to Buy, Marie and Phil were able to purchase the property with the money they had already saved for a deposit and have lower monthly mortgage repayments due to the Government backed loan.
Marie said: “I’m totally convinced by Help to Buy now, and so grateful Redrow explained how it works! It has given us the opportunity to purchase our first home sooner than we otherwise would have been able to and we are also able to save around £350 a month, which can go towards paying back the Government loan.
“We have been in our home since May now and have already had friends over for BBQs and dinner parties, it’s been totally amazing and we feel so unbelievable happy. It had been a difficult year for us and being able to start our lives in our new home feels like an incredible privilege.”
Homes at Rayne Gardens currently start at £369,995. Help to Buy is available on selected plots providing buyers with the opportunity to purchase a home with a 5% deposit and a 20% equity loan from the Government backed scheme. To find out more about current availability visit www.redrow.co.uk/raynegardens or call 01376 767921