Government scheme makes a house a home

As a long-term renter, Jane Tinkler didn’t think she could afford to buy in her local town of Chelmsford. But, thanks to Government initiative MyChoiceHomebuy and some very helpful colleagues, Jane and her two sons Lewis (13) and Ross (16) are now in their new home on Bellway’s Prospectus development.

Jane, 38, works in the Customer Care team at Bellway Homes’ Essex division based in Chelmsford. It was Jane’s colleagues in the Sales and Marketing department who were able to advise her on the right scheme for her and offer help with her application.

Jane, who wasn’t actively looking to buy a home, she said, “I was in fact looking to rent again. I had recently been let down by my landlord and I was looking to move, but I really didn’t think I would be able to afford to buy in the local area”. Having applied to Moat Housing for the MyChoiceHomeBuy scheme, Jane went on to buy a two bedroom house at Prospectus in Chelmsford .

Jane added: “The sales team suggested I register with Moat Housing to apply for assistance through the MyChoiceHomeBuy initiative. Three months later I had moved into my new home. The location is key for me here”, says the proud new home owner. I don’t have to disrupt the boys schooling and the journey to and from work is same.”

To buy a 50% share of a £211,000 home, like Jane’s means a mortgage of under £700 per month - a crucial difference to those just starting out on the property ladder. The MyChoiceHomebuy scheme, has been designed to offer a flexible and simple path for potential home buyers with a combined household income ranging from £20,000 to £60,000 to buy their own home. There is a low monthly fee of 1.75% payable on the equity bought with MyChoiceHomeBuy for the first year. Annual increases on this fee are capped at RPI plus 1%.

Karen Coulson, Bellway Sales Director for Essex, said: “MyChoiceHomeBuy is a great new product, offering excellent affordability for low to middle income earners who might otherwise find themselves priced out the market There are hundreds of stylish new homes at Bellway’s developments across the region so we advise buyers to call us to discuss their needs and see the range of homes that is available to them”.

After the first year, home buyers can choose to buy part or all the remaining equity on their property, as soon it is financially viable for them to do so. By paying back the equity at a price based on the valuation at that time, the monthly charge or fee that needs to be paid will be reduced proportionately enabling the buyer to eventually own their home outright.

Bellway Homes can also offer a huge range of incentives* for first time buyers, aside from the MyChoiceHomeBuy scheme. Incentives include; soft furnishing packages, stamp duty and legal fees paid or a 5% deposit paid.

MyChoiceHomeBuy is available on selected properties at the following Bellway developments:

The Edge, Bocking
Prospectus, Chelmsford
Medici, Ilford
Uplands, Stowmarket
South Quarter, Norwich

For further information visit Bellway.co.uk.

*Subject to Bellway Terms and Conditions