One in three David Wilson Homes sales use Help to Buy scheme
The Help to Buy initiative allows buyers to purchase a home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale on the home.
A total of 34% of buyers at David Wilson Homes’ East Midlands division have purchased homes using Help to Buy since 1 July 2015, highlighting the benefit of the three-year-old scheme in helping buyers to take steps along the property ladder.
Steve Smith, sales director at David Wilson Homes East Midlands, says: “The Help to Buy scheme has proven an excellent tool for aiding both first time buyers to take their initial step onto the housing ladder and also giving existing homeowners a boost to take their next steps.
“The scheme’s original aim was to give the housing market a boost and this has clearly been successful with more than a third of sales in our last financial year made with Help to Buy.”
Among buyers using the scheme are Vikki and Edward Rathbone, who have purchased a property at David Wilson Homes’ Nursery Gardens development in Measham. This is the second time they’ve used Help to Buy since it launched three years ago. The couple previously bought a property in Burton-on-Trent using the scheme, but moved to Measham to be closer to family in Nuneaton.
Vikki, 31, explains: “Due to high childcare costs we wanted to move closer to Nuneaton, where Edward works as a teacher and where our son Ilija is looked after by family. Measham appealed to us as it’s close to towns like Ashby but also has a rural feel to it. It’s a small development and the homes are spaced out well.
“We looked at developments by a few different builders but by far preferred David Wilson Homes for the quality of build and standard of homes.”
The Help to Buy scheme has given Vikki and Edward a significant boost to allow them to make the move to a home to suit their family.
Vikki continues: “Using Help to Buy meant we didn’t have to save a huge deposit for our original home and when buying at Nursery Gardens we have been able to purchase a family home big enough to not have to move again. We’ve been able to make a step up and buy the home we want in a location that suits us.”
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