Couple make home ownership dream a reality with HomeBuy Direct
A couple of first time buyers have been able to make their dream of home ownership a reality at David Wilson East Midlands’ Montgomery Gardens development in Earl Shilton thanks to a Government funded shared equity scheme.
Tom Leavis, 24, and 23 year old Clare Oakley had been renting a two- bedroom bungalow in Earl Shilton but decided the time had come to bite the bullet and take that first step onto the property ladder and have used the popular HomeBuy Direct deal to help facilitate their purchase.
Clare, who originates from Stourbridge and works for the NHS, comments “We first looked at buying a home at Montgomery Gardens last December, but unfortunately we just couldn’t afford to buy at the time. But earlier this year, we re-visited the development and the sales advisor told us about HomeBuy Direct and how we could be eligible.”
HomeBuy Direct was launched by the Government earlier this year in a bid to combat affordability issues within the housing market. The scheme allows aspiring homeowners to initially purchase a property for just 70 per cent of the asking price, the remaining 30 per cent is funded through a joint Government and David Wilson deferred loan.
The housebuilder is offering this deal on selected plots at its Montgomery Gardens development on Montgomery Road and thanks to it, Tom and Clare have been able to purchase a three- bedroom home in the style of a Willoughby.
Clare adds “The Willoughby has a great style and with three large bedrooms, there is plenty of room for my parents to stay after their long journey to us. The storage is great with a place for everything and the garden is spacious enough for our chocolate Labrador puppy, Wally to play in.
“We wanted to stay in the Earl Shilton area because it has a great community spirit, it’s local to both our places of work plus, with the new bypass now open, travelling back to Stourbridge is easy.
“We love Montgomery Gardens and HomeBuy Direct has made our buying process much more affordable. Our monthly outgoings have hardly increased but now we are paying off our own mortgage as opposed to someone else’s and it’s a great feeling. We wouldn’t hesitate in recommending it or David Wilson to other first time buyers in a similar situation to ours.”
Philip Lacey, Sales Director at David Wilson, comments “HomeBuy Direct is proving a lifeline to purchasers struggling to afford to buy during the current credit climate and we’re finding increasing numbers of buyers are using shared equity schemes to help facilitate a purchase.
“The main advantage is that you don’t necessarily need a big deposit and whilst there continues to be a lack of high percentage mortgage products available, shared equity schemes will continue to bridge this gap.”
Margaret Allen, Regional Director for the Homes and Communities Agency in the East Midlands, said: “In the current climate it’s important that we help a range of people to find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which we’re doing this and it is proving extremely popular.”
The scheme is open to first time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – can also apply.
Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market.
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 a proportionate share of the sale proceeds.
Situated on Montgomery Road, Montgomery Garden comprises a superb selection of three- and four- bedroom homes in a pleasing location on the outskirts of Earl Shilton.
The are a number of three- bedroom houses available to purchase on HomeBuy Direct but with limited allocation, homehunters are being encouraged to act fast to avoid missing out.
Prices at the development start from £172,995, £121,096 on HomeBuy Direct.
For more information, visit during the opening hours of 11am-6pm, Thursday to Monday. Alternatively, log onto the website at dwh.co.uk.
