A leading regional house builder says a Government scheme has helped get a newlywed couple out of the parents’ home and into a brand new property of their own.
Newlyweds Sadie and James Cowmeadow secured their first home, a brand new three-bedroom detached property, at Persimmon Homes’ new Chase Wood View development in Ross-on-Wye with just a five per cent deposit thanks to the Help to buy Scheme.
Community midwife Sadie (26) and project manager James (27) said the scheme helped them to achieve their dream of owning a home of their own.
“After getting married in 2012 we rented a three-bedroom townhouse which cost us £625 per month. 12 months later we made the decision to start to save for a home of our own and found that the only way to save up enough money for a deposit would be to move in with my parents.” Said Sadie.
“We thought we’d have to spend at least a year or two living with my parents to save up for a 20 per cent deposit required by most mortgage lenders but, thanks to the inexpensive deposits available under Help to Buy, we were able to secure our new home at Chase Wood View in just eight months.”
A recent study by the Office of National Statistics (ONS) shows that the number of young couples starting their lives together living with their parents or in-laws has risen considerably in the last ten years, amid rising property prices.*
The new research indicates that approximately 289,000 families are living in another family home in England and Wales, and the majority of them are under the age of 35.*
Alison Reading, sales and marketing director for Persimmon Homes South Midlands said she is delighted that Persimmon Homes have played a part in getting the Cowmeadows into a brand new home their own home.
She said: “Help to Buy is a fantastic scheme that is really helping people get on to the property ladder. It’s proving to be a lifeline for those young families who can’t afford a big deposit.
“It’s great to be part of such an exciting time for Sadie and James and seeing them going through the steps to purchase their first home reminds me why I work in sales. Chase Wood View is proving to be particularly popular and already has a wonderful sense of community.
Help to Buy is a Government backed shared equity scheme. It provides a 20% loan on the term of your mortgage, which is interest and repayment free for the first five years. You only need a minimum of five per cent deposit and it is available across the vast majority of Persimmon Homes developments. It’s for first time and next time buyers and there is no salary cap.
Existing home owners looking to get moving quickly can also take advantage of the Home Change scheme, available in conjunction with Help to Buy. Using Home Change customers can sit back while Persimmon arrange for their house to be marketed through a local estate agent and will even pay the agent’s fees once a sale has been agreed.
Nestled close to the River Wye, Chase Wood View features a wide range of two, three, four and five bedroom homes ideal for first-time buyers, growing families and those looking for more space from just £199,995.*
For more information about Help to Buy, Home Change and the developments across the South Midlands including Chase Wood View click here.