Buyers swap city pads for country homes

A pair of first-time buyers from Leicestershire have swapped their cramped city centre pad for a spacious family home in the countryside and still managed to keep their monthly outgoings the same, thanks to a payment deferral scheme from David Wilson East Midlands.

Jamie Bray, a construction engineer and Louise Barnes, a personnel manager, both 22, had been forking out around £750 per month in rent for their one-bedroom apartment in Birmingham city centre but were keen to take a break from the big smoke and enjoy life in the countryside, in readiness for their wedding next year.

A family member told them about David Wilson’s The Hedgerows development on Station Road in Earl Shilton and the pair were amazed when the learnt that they could in fact afford a semi-detached, three-bedroom house with a garden and a garage for about the same amount of money as they were paying in rent.

Jamie said, “After getting engaged in 2007 we were keen to buy a home of our own, but like many first-time buyers we were worried that affordability would be an issue. However, when we visited the development, the sales negotiator told us about Head Start - a payment deferral scheme under which we could pay just 85% of the price to begin with and leave payment on the remaining 15% for 10 years or until we were ready to move.

“On top of that, David Wilson offered to pay our deposit and the stamp duty so the move was made entirely possible. Incredibly it also meant that the cost to us was on a par with living in an apartment, so for about the same money as we were paying before we can now enjoy a home of our own that’s about three times the size!

“Overall we are delighted with our new home and so pleased we made the decision to buy our own home now. The Hedgerows development is just what we wanted and the new bypass means our daily commute to the West Midlands is really easy from Earl Shilton.

Philip Lacey, Sales Director at David Wilson said, “Payment deferral or shared equity schemes have become one of the most popular ways for first-time buyers to get on ladder. They present a great way to get on the ladder now, or in the case of Jamie and Louise buy a bigger home than you imagined you could. In some cases the lenders will even take the deferred amount as the deposit leaving buyers in a position to take advantage of the lower interest rates available on the lower loan to value products.”

Head Start is not a shared ownership scheme; homebuyers own 100 per cent of the property from day one. There is no rent or interest to pay on the deferred amount, it is simply paid back as 15 per cent of the property’s open market value at any time up to the point of resale or within ten years, whichever is sooner.

The Hedgerows is a pretty development benefiting from extensive views across open fields and easy access to the new Earl Shilton bypass. It comprises a selection of four- and five-bedroom homes. Prices currently start from £241,995 and there are a range of purchase packages available as well as Head Start, such as part-exchange, mortgage repayment protection and stamp duty paid, which could all help make a move affordable and hassle-free.

For more information about the properties available, visit Dwh.co.uk.