Couple buy a home of their own with HomeBuy Direct

Mariusz Piosik (36) and Anna Nasypana (33) have just bought a brand new two-bedroom mid-terraced house at Bramley Fields, a development by David Wilson Homes Southern in Basingstoke, thanks to the Government’s 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.

Mariusz and Anna’s new home cost £175,000; the couple accepted a 25 per cent equity loan under the scheme, making their mortgage for the remaining 75 per cent an affordable £684 per month.

Mariusz says: “We used to rent a cramped one-bedroom apartment in Alton which cost us £650 per month, so for an extra £34 per month we now live in a very spacious two-bedroom house and the best part is that we own it!”

Anna adds: “We’ve wanted to buy for a long time, but couldn’t find anything suitable within our price range. Recently looking on the internet, we found information on HomeBuy Direct and applied straight away. Within one week we had seen various properties under the scheme, but knew immediately that Bramley Fields was for us.”

Mariusz and Anna both work in Chineham Business Park, less than a ten-minute drive away from the development. Mariusz says: “Our new home is great for our journey to work and it’s handy for shopping as Tesco is close by. There’s also a gym nearby which is convenient as I like to go there before work.”

Anna says: “We love the countryside and even though our new home is in quite a busy town it’s lovely to look out over the open fields; it feels like we’re living in the middle of the countryside and have the option of a quick journey into town – it couldn’t be more perfect.”

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.

Bramley Fields has just two, one-bedroom apartments remaining, priced at £123,995.

Also at Marnel Park is Orchard Grove, where two-bedroom apartments and three and four-bedroom homes are currently available at Orchard Grove, with prices starting from £175,000 for a two-bedroom apartment, from £241,995 for a three-bedroom house and from £328,995 for a four-bedroom house.

For further information contact the sales and marketing suite on Benham Road, Marnel Park, Basingstoke, RG24 9RZ, or log on to Dwh.co.uk.