Teacher buys home in Basingstoke with Homebuy Direct

School teacher Anna Robinson, 25, is delighted with her brand new apartment at David Wilson Homes’ Spencer Place development in Basingstoke. Anna managed to take her first step onto the property ladder with the help of the Government’s new HomeBuy Direct scheme.

Homebuyers taking advantage of this new scheme can receive an equity loan of up to 30 per cent, funded jointly by David Wilson Homes and the Government. The buyer finances the remaining 70 per cent of the purchase price, either through a mortgage, a deposit or a combination of the two.

Anna’s two bedroom apartment cost £135,000; she accepted a 25 per cent equity loan under the scheme, making her mortgage for the remaining 75 per cent an affordable £550 per month.

Anna says: “I work at a secondary school in Farnborough, but until now I was living with my parents in Luddershall near Andover; my commute was more than 100 miles a day, which I did for four years. There was no way I could afford to buy my own home nearer to the school and renting wasn’t a solution.

“However, I saw an advert for the HomeBuy Direct scheme in a teachers’ magazine; my application was successful and I visited Spencer Place in April. I thought the development was great and since I had already qualified for HomeBuy Direct I reserved my apartment the very next day; there weren’t many homes left with HomeBuy Direct, so I had to act fast.”

Anna adds: “I moved into my apartment at the end of June and love it, particularly the open-plan lounge, dining room and kitchen; there’s so much space. Both bedrooms are big enough for double beds. I also have a balcony which is great on hot days. The whole development is really attractive, with a variety of apartments and houses so there’s a good mix of people living here, from first-time-buyers like me to families.”

With HomeBuy Direct, there is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards. Buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of share of the sale price.

The scheme is open to first time buyers, key workers and others who are currently renting. People who have previously owned properties but are now unable to do so – perhaps because they have been in relationships which came to an end – can also apply. Households eligible to take up this opportunity will be earning less than £60,000 a year.

Anna says: “HomeBuy Direct is much more flexible than other first-time-buyer schemes and unlike part-rent/part-buy schemes, the loan is interest-free; I’d recommend anyone considering a new home to see if they qualify, it’s a good way to buy.”

The location of Spencer Place is idea for Anna, whose compute to work is now just 19 miles each day. The train station and town centre is only a ten-minute walk away and the M3 is easily accessed. Basingstoke has a large sports complex and there’s a wide variety of shops, cafés, bars and bistros in this vibrant town. Conveniently, the nearest supermarket is a two-minute walk from Spencer Place.

David Wilson Homes, part of the Barratt Group, is the only major housebuilder to be awarded four stars in the annual Home Builders Federation customer satisfaction survey – its highest ever rating – which confirms the vast majority of buyers are satisfied with the quality of their new home and would recommend their builder to a friend.

Homes currently available at Spencer Place, Churchill Way, Basingstoke, RG21 7QU, include two-bedroom houses from £204,995 and three-bedroom houses from £234,995. For further information on HomeBuy Direct and other schemes being offered by David Wilson Homes, see Dwh.co.uk.