Help to Buy and Bank of Mum Get Buyers on the Ladder

37-year-olds Chelsea Bailey-Reardon and Hannah Bailey-Reardon had almost given up on the idea of buying their own property, until Chelsea had a gift of £20,000 from the Bank of Mum and they discovered they qualified for the government-backed Help to Buy 20% equity loan scheme.

This enabled them to buy a three-bedroom townhouse at Barratt Homes’ Phoenix Quarter development in Dartford, Kent.

The couple had previously been renting a one-bedroom apartment for the last year and a half in nearby Sidcup, but they still found themselves spending £1,125 on rent each month. Expecting their first baby, they were desperate to buy a family home to settle down in.

Chelsea, who works in the Treasury department for an African bank in Cannon Street, comments: “I had always wanted to buy a home of my own but with both of us still keen to live fun-filled lives, we found it impossible to get together the £30,000+ deposit that you need to be able to buy these days. We thought that by moving out to Sidcup, we would give ourselves a fighting chance of still having a life but being able to save enough money at the same time, however with our rent over £500 each a month, plus bills and a baby to save for, it was impossible.

Chelsea continues: “In the end my mum gifted us £20,000 as she saw how much we were struggling. We had savings of around £15,000 between us and this covered the costs of our Stamp Duty and furniture. Help to Buy made a huge difference to us; it meant that we could afford to buy a three-bedroom townhouse, rather than a one or two-bedroom flat, which would have been no use to us long-term for a family. It has made our mortgage payments much more manageable at £942 a month. That is cheaper than our rent in Sidcup, which is crazy, but perfect timing for when I am on maternity leave and have to start paying childcare costs.”

Help to Buy scheme allows any buyer of a new home up to the value of £600,000 to do so with a 5% deposit. In total, the scheme has benefitted 120,864 homebuyers across the country since it was launched in 2013 and, in Kent, this figure amounts to a total of 4,553. Of these, 3,636 equity loans have been taken up by first-time buyers, like Chelsea and Hannah.

Hannah, who is a firefighter with the London Fire Brigade comments: “Having lived in North Kent for almost 10 years and a lot of my friends based in the area, it made sense for us to look at buying here. I know that Chelsea would have loved to stay living around the Dalston or Shoreditch areas, but for what you can get for your money in these areas, it just didn’t make any sense. We would never have been able to afford to buy a three-bedroom house with a garden and off-street parking in London. We both work around Cannon Street and trains only take 45 minutes from Dartford station, plus you always get a seat – unlike on the Central Line!

Hannah continues: “Dartford is definitely on the up – the whole town centre is being regenerated with new wine bars and restaurants opening up all the time and it is only going to get better. Bluewater is just down the road and there are also lots of lovely country pubs on the doorstep, which we are enjoying the novelty of after having lived in London for so long. The amazing schooling options in the area were also a contributing factor, in particular Dartford and Wilmington Grammar Schools for Boys and Girls.”

Over half of the homes have now been reserved at Phoenix Quarter with many residents already moved in and a well-settled community taking shape. The development is attracting a number of first-time buyers who are looking for a well-priced home in a good location.

Prices currently start from £268,995 for a two-bedroom apartment at Phoenix Quarter, with Help to Buy available.

Find out more about Phoenix Quarter from Barratt Homes