When Daniel Boswell and his wife Megan found out they were expecting a new baby they decided the time was right to buy their first home. With the help of a Help to Buy equity loan they were able to buy their dream home sooner than they thought.
Daniel, 26, an electrical engineer from Rochdale, explains how.
“We had been saving to buy a home of our own for about a year when we found out Megan was expecting. So we started looking for homes in the area and were literally driving past the site one day and decided to take a look.”
The site in question was Persimmon Homes’ Fairfield View, a lovely development of 2 and 3 bedroom semi-detached and detached family homes in Heywood.
Daniel and Megan fell in love with the homes but were initially told they couldn’t afford to buy one. The sales advisor then told them about Help to Buy.
Daniel says, “At first we thought we wouldn’t be able to afford a home but when the sales advisor explained about the Help to Buy equity loan it got us thinking. She put us in touch with a Financial Advisor who arranged to come to our house and go through everything with us, and it turned out we were affordable.”
Through the Help to Buy Equity Loan scheme, you only need to raise a 5% deposit and can access the support of up to 20% in the form of an equity loan from the Government. There's nothing to pay on the loan for the first five years as it is interest free for that time.
The smaller deposit requirement combined with the equity loan was something Daniel and Megan found really beneficial and meant they could buy a bigger house sooner than they thought.
“This was our house for the future!” Daniel says, “We expected to buy a smaller house and move up, but the equity loan has helped us to get that future house a lot sooner.”
The couple are now paying £90 a month less for their mortgage than they were privately renting.
Daniel reveals, “We were paying £450 a month to rent a two bedroom terraced house with no garden and we’re now paying just £360 for our three bedroom semi with a big garden for the kids. I’m saving over £1000 a year and own my own house!”
Daniel has now been recommending the scheme to his friends.
“I’ve told all my mates about it and they’ve started looking into it,” he says, “I’d tell anyone to go for it, it’s such a good option. Thanks to Help to Buy we now have a life-time home that we can grow our family into.”
The couple, along with their daughter Lilly, are now settled in their new home and awaiting the arrival of their new baby, a little brother for Lilly.
If Daniel and Megan have inspired you to find out more about Help to Buy you can call us on 0300 790 0570 or email firstname.lastname@example.org.