House hunters - Ready, willing, but unable?

With all of the obstacles in the way of buying a first home, it’s no wonder that many house hunters don’t even start looking for a property until they have a sizable deposit.

With many mortgage lenders now requiring a 20 percent deposit on a property, even buyers with some money saved think they have to sit tight and wait for a better deal.

The Cachopo family from Rugby are a prime example. They had been gathering a deposit to buy their own home for a number of years, but were disheartened by the lack of available finance and affordable housing in the area:

“We really wanted to move out of rented accommodation, but thought there was no way that we would be able to afford to in the current climate, so weren’t even looking properly”, explains Jose Cachopo:

“We had been renting a property in Rugby for five years and saving to buy a home for nearly as long, and when my wife and I found out we were expecting a baby, any plans to move went out the window!”

However, the Cachopo family were able to take advantage of HomeBuy Direct, the latest shared equity initiative being offered by Miller Homes, which enabled them to buy their dream home at a surprisingly affordable price.
Jose continued: “We fell in love with Miller Homes’ St Peters development straight away, and when we found out about HomeBuy Direct, were over the moon.

“The whole process took just over a month and we were able to move in before our baby girl came along. It’s refreshing to have our own space with enough room to accommodate our new family, something we definitely would have struggled with in our old apartment.”

The scheme allowed the Cachopo’s to purchase their new home by paying just 70 percent of its value, with the remaining 30 percent being co-funded by the government and Miller Homes.

One of the big benefits of the scheme is that the equity loan only becomes repayable after 25 years, with no interest payable for the first five.

“The fact that Homebuy Direct is government backed really gave us confidence about venturing onto the property ladder. It was great that there’s no interest to pay straight away as it’s meant we’ve had the extra money to furnish our new home”, added Jose.

The Cachopo family’s home is a spacious 2 bedroom apartment, providing the ideal base for the family’s lifestyle and future plans: “We have lived in Rugby for five years now and love the ‘villagey’ feel and the local community. The development is perfectly located for my commute to work and has a great range of local schools for when our son is a little older.”

Linda Androlia, regional sales director for Miller Homes West Midlands, said: “Homebuy Direct is assisting families like the Cachopos to get on the property ladder and shows that new homes can be affordable and are still one of the best investments you can make.

“The 30 percent equity loan provided by Miller Homes and the Government really makes the difference when it comes to getting on the property ladder. The scheme is proving popular and first-time buyers need to make sure they don’t miss out on this great opportunity.”

Set just off St Peters Road, the development offers a selection of one, two, three and four bedroom homes just a stone’s throw from the heart of Rugby.

A traditional market town surrounded by beautiful countryside, Rugby combines heritage with modern day living, providing excellent facilities and amenities. The development is also perfect for commuters, providing access to the M6, M1 and M45.

Linda concluded: ““As there is a wealth of homes across the region available on the scheme, we are encouraging first time buyers to visit our website and take a look at their nearest development whilst the scheme is still running.”

Homes at St Peters are available from £104,950 for a two bedroom ground floor apartment, or with HomeBuy Direct, from just £73,465. For further information and a full list of properties, visit millerhomes.co.uk.