The official Government Help to Buy website
Like many buyers in their area, retail operations manager Wayne Harrand (36) and his wife Polly (29) were able to make the move into their own home thanks to the Government-backed Help to Buy scheme.
The initiative, which was unveiled earlier this year as part of the 2013 Budget, allows buyers to purchase a property with only a 5% deposit and helps to fund up to 20% of the purchase price in the form of an equity loan.
By using Help to Buy, Wayne and Polly were able to make their way onto the property ladder and secure a four-bedroom, detached property at Miller Homes’ Weavers Court development in Castle Donington as a family home for themselves and children Alexander (8) and one year old Hugo.
“Location was key for us,” commented Wayne. “With a young family, the quiet village life that Castle Donington offers, as well as high performing schools, really appealed to us. It also has the benefit of being close to the motorway to get to work.
“The problem was that we wanted lots of space for the family to grow into and that isn’t always achievable when you’re a first time buyer with a limited budget. We found ourselves with no other option but to rent in the village.
“Last spring, it was a case of good news coming all at once as we found out that Miller Homes was preparing to launch a new development on the edge of the village and the Chancellor announced Help to Buy at the same time.
“When we visited Weavers Court we knew it would offer us the lifestyle we wanted. Help to Buy turned a dream into a reality as it allowed us to secure the mortgage we needed to purchase the property.
“The team at Miller Homes were able to guide us through the process in a really simple way and now we’re in a position to become the first residents at Weavers Court.
Without the support of both Miller Homes and Help to Buy, we would probably still be making do with a property that didn’t really meet the needs of us as a family.”
For Paul Walters, associate director for Miller Homes Midlands, the Harrand’s story is a great example of the benefits Help to Buy offers:
“We’re delighted to welcome Wayne, Polly, Alexander and Hugo to Weavers Court.
“All buyers come to us with a budget in mind, but initiatives such as Help to Buy have really opened up what is an increasingly buoyant market and presented people with many more options and exciting property opportunities.”