A new home for a new baby thanks to a new loan

Many people are still struggling to fund the purchase of a home, often because they don’t have the required level of deposit to secure a mortgage.

But help is at hand by way of HomeBuy Direct – a new type of loan that helped Anthony and Sanja Kalli finally buy a home of their own.

The couple were renting in a small one-bedroom flat near the centre of Norwich which, with a five-year-old son from Anthony’s previous relationship and a new baby on the way, they had quickly outgrown.

Said Anthony: “We’d considered moving to a larger rented property but we felt this would have been a waste of money so we decided to stay where we were for as long as possible and save as much money as we could towards a deposit.

“Eventually, we decided to see about getting a mortgage and found ourselves a very good Independent Financial Advisor - George Henderson from Independent Mortgages & Financial Solutions. He put us in touch with Orbit HomeBuy Agency who introduced us to the possibilities of purchasing a home through a range of Low Cost Home Ownership products which gave us comprehensive information on the benefits of each option.

“We chose HomeBuy Direct because it allowed us flexibility to choose a property that was for sale on the open market, as opposed to one being marketed by a specific housing association. We discovered our ideal property – a three-bedroom townhouse with a garden, at Queen’s Hills, in Costessey. The sums worked out for us and we believe this is a great way to invest money for the future whilst providing security and stability for our new family.”

He added: “The whole process of purchasing was straightforward and we are delighted to welcome our new baby, Rico, to our new family home.”

Orbit HomeBuy Agency Team Manager, Karen Coleman said: “HomeBuy Direct can help you if you have a household income of less than £60,000 and you want to buy a home directly from a property developer. It is a great new product that offers homebuyers flexibility and choice and we are witnessing a lot of interest from those interested in buying their own home. Under the scheme, those eligible can take advantage of a loan of up to 30 per cent of the property market value and as there is no interest to be paid on the loan for the first five years, the first few years of home-ownership are made much more affordable.”

After the initial five years, homebuyers pay a fee on the equity loans of 1.75%, rising annually by the Retail Price Index (RPI) plus one per cent. If you purchase a home through HomeBuy Direct, you will still have 100 per cent title to your home and you can sell it on the open market without restriction.

For further information on HomeBuy Direct or additional low-cost housing options, visit orbithomebuyagents.co.uk.