Stepping onto the property ladder saves family money

A family has escaped the rental trap to a much wanted home of their own in Malton, North Yorkshire, using a Government-backed help scheme.

Mum-of-two Lorna Collinson explained: “We realised that renting was a waste of money and wanted to buy our own home but thought we would only be able to afford a one-bedroom flat, which wouldn’t be suitable.

“Then we found out about HomeBuy Direct and realised that as first time buyers we could take out an equity loan of up to 30% of the price. This allowed us to buy a brand new Redrow home."

Available on a selection of Redrow’s properties at Priorpot Mews, in Malton, HomeBuy Direct is open to purchasers who have an annual household income less than £60,000, including first time buyers, those re-entering the property market following a change in circumstances such as divorce or the breakdown of a relationship and potentially families needing room to grow.

Customers own 100% of their home from day one – but only have to pay between 70 and 85% of the purchase price. They can start purchasing the remaining share in instalments after just 12 months.

Lorna and husband Daniel, both 25, and children Tia, seven, and Jamie, five, are now settled in at their three-bedroom home at Priorpot Mews, in the Norton area of the town.

“The prospect of buying our own home was daunting at first, but the Redrow staff were amazing and kept us informed, enabling us to enjoy the excitement of it all,” Lorna commented.

“We’re actually saving money now as the mortgage repayments are less than the rent on our old home and it’s closer to Daniel’s work at a food factory, so we’re also saving time and commuting costs as well. Instead of throwing our money away, we’ve got something the children can inherit in the future.

“They love it here as there’s a lot of open space for them to play outside safely.”

Priorpot Mews is walking distance of Malton town centre, with easy access to York; yet is also close to the countryside and about half an hour’s drive from popular coastal resorts like Scarborough and Filey.

A choice of three and four-bedroom homes are currently available, with prices from just £152,995 or an initial outlay of £107,096 with HomeBuy Direct.

A three-bedroom ‘Malham’ show home is open for viewing, Thursday to Monday from 10am to 5.30pm.