Young professional becomes first-time homeowner in Nuneaton with Help to Buy
With the help of the scheme and from developer Lovell Homes, Dave is now the owner of a brand new two-bedroom property at Lovell Homes’ Eaton View development, just north west of Nuneaton town centre.
The young graduate has gone from a shared, rented house in Nottingham to a home of his own. In addition, he has more than halved his commute – he now has a 25 minute drive to work at Magna Park in Lutterworth - as well as being pleased to be on the housing ladder at the age of 26.
“I needed to relocate to be closer to my job so this seemed a good time,” says Dave, who does in-store marketing for a major retailer. “I wanted to get on to the property ladder and my parents advised me it was better to do it sooner rather than wait.”
Although he had the money saved for a deposit, the assistance of a Help to Buy: Equity Loan was crucial in helping Dave buy his home quickly. Without the scheme, he would have had to wait until he had further built up his savings to cover the additional expenses involved with a house purchase.
By using Help to Buy, Dave was able to take out a £96,712 mortgage and pay a £6,447 deposit on his home, which had a full price of £128,950. The government provides a five-year interest-free loan for the difference (20% of the value of the property).
By enabling him to buy his home with a 5% deposit, the Help to Buy scheme meant Dave had money available to cover the extra costs of moving, such as legal fees and the cost of furnishing his home - expenses which can particularly stretch first-time buyers.
Dave says: “I wasn’t sure about Help to Buy initially, but in hindsight it’s been a very good thing. It’s meant I had cash spare for the other things involved in moving such as solicitor’s fees and buying sofas. I needed to move quickly and wouldn’t have been able to without that extra money being available.”
Having moved in during April, Dave is enjoying spending time in his new home: “I’m loving it. I didn’t realise how much I would enjoy having my own space. On Monday, I just wanted to get home from work. Also, I find I’m cleaning up after myself all the time as I want to keep it pristine!”
As well as being handily positioned for his job, living at Eaton View makes it easy to travel north to be with his girlfriend, who lives in Sheffield, as well as south to his parents in Hereford.
His new house, the popular Featherston house style, is south-facing, so it’s light and airy, while Dave is particularly pleased with the size of his kitchen, especially compared with other new build properties. “The houses here are generally very spacious and good value for the price,” he says. “I looked at properties from other developers and when it came to making a decision, it was a ‘no brainer’ when you looked at what was on offer at Eaton View. Another plus point is that the whole area is being redeveloped. It really does feel like a community.”
Find out more about new developments from Lovell