Rent or buy? Shared equity could be the answer

With the current economic climate, buyers are struggling more than ever to gather the sizable deposit needed to secure a mortgage. Many people find themselves stuck in a renting rut and prevented from getting their first grip on the property ladder.

Aaran Brown, (30 years old) who works at a gym in a prison, and Stephanie Hampstead, a 22 year old nursery nurse, are a prime example.

“We were renting an apartment in Blyth Bridge and didn’t see buying as financially friendly enough to be an option for us so hadn’t really considered it,” Aaron said.

“It was only after Steph discovered she was expecting in December last year that we were pushed into looking at properties and the schemes on offer – we could no longer ignore that we needed a larger home to accommodate our growing brood.”

Like an increasing number of homebuyers across the UK, Steph and Aaran were able to purchase a property fit for their growing family through the latest government shared equity scheme, HomeBuy Direct – a three bedroom townhouse at Miller Homes The Willows in Stone.

“We looked at properties around the local area and even considered renting somewhere bigger, but in our heads we knew that we needed to get onto the property ladder,” Aaran explained.

“We considered various areas within our price range and researched the various schemes available. We came to view The Willows and fell in love with both the development and the townhouse. With HomeBuy Direct being available we were able to move in sooner than we originally thought,” Steph added.

HomeBuy Direct is continuing to help many first time buyers like Aaran and Steph by offering the opportunity to purchase100 percent of a brand new home by paying from just 70 percent of its value. The remaining 30 percent equity loan is co-funded by the Government and Miller Homes, meaning that a smaller deposit is required. The loan then only becomes repayable after 25 years, with no interest for the first 5 years.

Aaran and Steph’s home is in the Tolkien style layout, an attractive three bedroom townhouse that offers the extra space, including the garden, that they were looking for.

“The Willows fitted in with what we had envisioned perfectly. I’ve always liked Stone as I spent a lot of my youth here with my mother – it’s a lovely traditional town complete with a farmers’ market and a canal for Sunday morning strolls. It’s the perfect place to raise the little one.

Most of all, it’s a relief to be on the property ladder at last. Before, we saw no easy way out of renting the two bedroom apartment we’d been in for years but now, for just a little more a month, we’re paying a mortgage for a three bedroom townhouse – a proper family home where we can spoil 5 month old Ava May,” said Aaron.

Linda Androlia, regional sales director for Miller Homes West Midlands, said: “HomeBuy Direct is continuing to assist those like Aaran and Stephanie onto the property ladder showing that new homes can be affordable and a much better option to renting.

“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.”

Situated in Fillybrooks, The Willows is set in the beautiful market town of Stone with excellent local amenities. The development benefits from a semi-rural setting whilst being just 15 minutes away from Stafford in the car.

Linda concluded: “As there are 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.”

To find out more about the Stone based development or the properties available nearest to you, visit millerhomes.co.uk.