Redrow home ticked all the boxes for Worcester buyers
Posted 6 February 2014 by Isabelle Grange
A new Redrow home just two miles from the centre of Worcester has ticked every box on a couple's wish list - and was made 20% more affordable thanks to the government-backed Help to Buy scheme.
Andy Chadwick and his wife Cassy DeCap were looking for a detached house with three bedrooms situated close to Worcester for their daily commutes. The ‘Warwick'-style home at Redrow's Earls Park / Kings Park developments satisfied these criteria - and with a Help to Buy equity loan it was also an affordable option.
Business analyst Andy, 28, and purchase ledger clerk Cassy, 27, had previously been renting a two-bedroom property in Droitwich. "We had been saving for a deposit for three or four years but had dipped into that pot of money for various reasons," explains Andy. "When house prices started to rise it gave us the motivation to start looking seriously."
The couple soon realised that Help to Buy would give them the step up they needed to get on the property ladder. "Help to Buy made it sensible to buy a brand new home because the equity loan reduces the purchase price by 20% - meaning we only needed a 5% deposit and 75% mortgage," Andy adds. "The equity loan is interest free for five years and can be paid back when we have more funds available.
"It made a real difference and without it we would have been looking to buy an older house which, although potentially, cheaper would have needed lots of work to bring it up to scratch."
Andy and Cassy have also enjoyed putting their own stamp on the new home by being involved in the customisation of its interior.
"When we reserved the house the roof had just been fitted and while it was being built we were able to choose the finish of things like the kitchen, bathroom and en suite. It meant it really felt like our own home from the outset as we weren't inheriting someone else's décor," Andy says.
"We've got a lovely kitchen that's well equipped with everything we need - oven, hob, microwave and fridge freezer. The specification is spot on and it meant we could move in as soon as the house was finished."
Redrow's Earl's Park and Kings Park developments incorporate a range of four- and five-bedroom homes, and the Help to Buy scheme is open to everyone on all new homes priced up to £600,000 - not just to first-time buyers. A five-bedroom, three-bathroom detached ‘Cheltenham'-style home at the development would usually be priced at £399,995, but is available via Help to Buy for an initial £319,996 with a 20% Help to Buy equity loan.