A move to a new home doesn’t have to break the budget with Help to Buy, as the Muscat family discovered.
Dominic and wife Jackie found that by taking out an equity loan under the Government scheme their money could go further, enabling them to climb the property ladder.
They’ve now moved from a Victorian terrace to a three-bedroom semi-detached home at Redrow’s popular Scholars Place development in Hardingstone, near Northampton.
Located in an area well served by schools, it’s ideal for when Dominic and Jackie’s son Leon starts school.
“We had been looking at second hand homes in the Wootton and Hardingstone area but couldn’t find anything suitable within our budget of £200,000. Jackie liked the idea of a new build home so we visited Scholars Place. We really liked the design of the homes but didn’t think we could afford to buy here with the deposit we had,” Dominic explained.
“When the sales consultant explained about Help to Buy equity loans we realised we could stretch our budget and jump up the property ladder.”
After selling their old home, Dominic and Jackie were able to reserve their new home with Help to Buy. The couple found the buying process easy and would recommend the scheme and Redrow to other purchasers.
A Letchworth in the same style as the new home bought by the Muscats is currently available from £234,950, or an initial outlay of £187,960 with Help to Buy.
“If we’d bought on the open market we would have needed a much larger deposit, perhaps as much as £40,000, but with Help to Buy we only needed 5% which worked out at £12,000,” Dominic adds.
“The equity loan is interest free for five years and can be repaid when we have more funds available so it’s a great stepping stone to help us move up the housing ladder.”
On the ground floor of the Letchworth there’s a separate lounge to the front, an open plan kitchen and dining room with French doors opening onto the rear garden, plus a laundry and downstairs cloaks.
A curved staircase leads to the first floor, where the master bedroom benefits from an en-suite while the remaining two bedrooms share the family bathroom.
“In the Victorian house nothing was straight forward but we love the whole package of our new home – it’s traditional outside and modern inside,” Dominic says.
“We didn’t have an en-suite or a downstairs cloakroom before and it’s keeping the heat in a lot better. It’s nice to see the temperature on the thermostat, press a button and watch it rise. In the old house we had to wait for it to go up!”
Located in Newport Pagnell Road, on the southern edge of Northampton, Scholars Place enjoys a beautiful setting with easy access to the M1 and the M6 for commuting to London or Birmingham.
Showhomes at Scholars Place are open daily from10am to 5.30pm. All of the homes available fall within the Help to Buy threshold of £600,000.
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 Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established almost 40 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.