First-Time Buyers Avoid Rental Trap Thanks To Hotel Of Mum And Dad

Gemma Larking, 25, and Shane Busby, 26, decided to avoid the rental trap and opted to remain living at home with parents separately.

Spurred on by lockdown, the couple were able to save for a house deposit in a matter of months and purchased a two-bedroom home at Barratt Homes’ Aylesham Village development in Kent.

Gemma and Shane, who both work for the NHS, were inspired after seeing an Instagram advert for Barratt’s NHS Deposit Contribution Scheme, whereby NHS employees could receive a 5% deposit boost up to the value of £15,000 when purchasing a new home (this offer is no longer valid). The couple were able to put down a £3,000 deposit to reserve and exchange, before saving for a further six months and paying the remaining £7,800 of their deposit on completion.

Gemma, an office manager, comments: “We had about £1,000 saved up when Shane saw the Instagram advert, and it made us realise that buying a home was possible sooner than we thought. We scrimped and saved to get to £3,000, and then were on a mission to save the remaining £7,800 in about six months. It was challenging but lockdown meant that we couldn’t do anything so were able to save much more each month.

“We have always wanted to live together, but decided against renting as it’s dead money and we were fortunate enough to be able to stay living with parents for as long as we needed to. It has been difficult at times, but we are so grateful to now have our own space. Luckily there weren’t any surprises when we finally moved in together!”

Gemma and Shane also made use of the government Help to Buy scheme, enabling the couple to put down just a 5% deposit themselves combined with an additional 5% from Barratt’s NHS Deposit Contribution Scheme.

“We had always planned to use Help to Buy as we knew it would be impossible to save for a 10% deposit ourselves,” says Gemma. “When we found out that we were eligible for the NHS Deposit Contribution Scheme we were amazed, and it allowed us to move far sooner as we didn’t need to borrow so much for a mortgage. Help to Buy has been a lifesaver, and without it we wouldn’t have been able to get onto the property ladder.”

Gemma adds: “It also helped that the prices at Aylesham Village are very reasonable for what we got – we couldn’t find anything similarly priced around the Canterbury area.”

Natalie Perry, sales and marketing director at Barratt Kent, comments: “At a time when lending is a challenge for first-time buyers, Help to Buy allows buyers to put down a larger deposit and access far better mortgage rates. The scheme has proven hugely popular and we are pleased that it is supporting buyers like Gemma and Shane onto the property ladder. There is only a limited time left for first-time buyers to take advantage of the scheme before it concludes at the end of the year.”

Since moving in last year, Gemma and Shane have also discovered that some of their friends also live at the development. “We couldn’t believe it when we moved in and realised that we had friends already living here,” Gemma says. “It’s so lovely that we have familiar faces at the development.”

Aylesham is set in Kent, just eight miles outside of Canterbury, and offers a range of small shops, a café, post office, leisure centre, health centre and supermarket. There are also several churches, a community library and two good primary schools. Canterbury is just a short drive away, with a historical culture, and a range of restaurants, cafés, bars and shops.

Aylesham is well connected by both rail and road. Regular train services offer connections to Canterbury in 12 minutes while London St Pancras can be reached in 1hr38 minutes. The A2 and M2 are within easy reach via the B2046, offering access to key locations such as the Folkestone Eurotunnel.

There is just one apartment remaining at Aylesham Village, available through a part-buy part-rent scheme and starting from £87,498 for a 50% share. Barratt Kent will be launching a range of new homes this summer at its The Woodlands development in the nearby village of Broad Oak.

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