HomeBuy Direct helps business owners find home

The dilemma of funding a property purchase is not just confined to first time buyers as one local family discovered. Successful business owners Darren and Sally Keightley sold their own property at the height of the property boom and moved into rented accommodation with the intent of a short stay until they found their ideal property that would tick all boxes. That was two and a half years ago, the recession came along and the family were hit hard by restricted lending from the banks.

Managing Director of Cleaning Security Services Ltd, Darren Keightley said: “We only believed to be renting for a short time but suddenly the banks just weren’t lending. As we are effectively self employed the lending criteria just rendered it impossible for us to get the required mortgage. With three growing teenagers we needed a larger home and found ourselves on the rental market. We managed to find the perfect rented home at Miller’s Ashtree Park development in our home town of Sutton-in-Ashfield.”

The family loved the development that much they were determined to stay and visited Jo Isherwood, Miller Homes’ sales adviser at the on-site sales office. Darren continued: “Everything about this development is fantastic, the homes, the area, the local amenities and it’s also close to the children’s school. We desperately wanted a four bedroom home on here but just didn’t think we would be accepted for a mortgage.

“It was Jo who mentioned Homebuy Direct, something that we’d barely heard off but thought it wasn’t for people like us, until Jo explained.”

Homebuy Direct makes more the purchase of a new home for affordable for households earning less than £60,000. The scheme enables buyers, like Darren, to purchase 100 percent of their home by paying from 70 percent of the value, with both Miller Homes and the Government equally funding the remaining 30 percent. The 30 percent equity loan will only become repayable after 25 years or when the customer sells their home, whichever comes first.

“The scheme basically gave us 30% of the asking price and put together with our own deposit meant that the lenders were keen to accept our mortgage application. The process was simple and Jo advised us through every step. We have now moved into a fantastic four bedroom detached family home of our own, the children have enough room to grow and I even get a down stairs office. It’s incredible that our current mortgage is with a lender who previously declined our application.

“Homebuy Direct is a superb initiative, great for first time buyers, but equally as good for self employed people like us that are now finding it difficult to meet the lending criteria set out by the banks,” continued Darren.

Jo Isherwood said: “Shared equity and particularly Homebuy Direct has been a dream come true, for many buyers. It enables families to purchase the home they need and provides a sense of security that no other scheme can match. The Keightley family are once again settled thanks to Homebuy Direct.”

For those wanting a to get a helping hand onto the property ladder visit Ashtree Park Thursday 12.30 – 7.30pm and 10.30am and 5.30pm Friday to Monday. Alternatively, visit millerhomes.co.uk.