Mortgage secured through Help to Buy proves as cost-effective as renting

Posted 3 February 2014

A teacher from Carlisle has enjoyed a fast and stress-free move to her own brand new two-bedroom home at Lovell's The Elms development - after finding that a mortgage secured through Help to Buy was as cost-effective as renting a similar property in the area.

Watching new houses springing up at the development near her old home, 33-year-old adult education teacher Andrea Seggie-Phillips had assumed they would be outside of her financial reach. After a change in her circumstances, however, and a look at rental prices compared with the cost of purchasing a home through Help to Buy, Andrea discovered that owning her own property at The Elms was in fact an affordable option.

The Elms is a popular development just a couple of miles from Carlisle's town centre, made up of two-bedroom homes priced from £106,995 and three-bedroom homes priced from £122,995. Just a few properties now remain in the current phase, although Lovell plans to build more there over the coming year.

Situated just off the A595 Wigton Road, residents enjoy easy access to central Carlisle and the M6 via the Carlisle Northern Development Route. For families, there are several primary and junior schools within about half a mile's radius of the development, while about a mile away the Richard Rose Morton Academy is the nearest secondary school.

"The idea of moving into a beautiful new property was very appealing," says Andrea. "I wanted to make a fresh start and what better way to do that than by purchasing a brand new home on a new development? I knew I could really put my own stamp on it."

Having received a recommendation from her mother's friend who had also bought at the development, Andrea contacted the marketing suite who put her in touch with a financial advisor. 

Help to Buy enables house buyers to secure a brand new home with a deposit of as little as 5%, while the government provides a 20% equity loan. This means that the mortgage only needs to cover 75% of the total purchase price, helping buyers to secure better interest rates and enjoy more affordable monthly payments.

For Andrea, Help to Buy combined with Lovell's excellent customer service meant her move went very smoothly.

"I used all the recommended people and I really enjoyed the whole process," she adds. "It's been the most straightforward and stress-free move I've ever made! It took four weeks from reservation to moving in and although I moved in on Friday 13 December, it's been anything but unlucky. I was thrilled to move in before Christmas and enjoy the festive community spirit."

Now Andrea has had chance to settle into her new home, she's enjoying its contemporary design and space - as is her dog.

"For a two-bedroom house, it's surprisingly big. The kitchen is massive and I have my own garden, so the dog loves it too! I couldn't be happier."



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