HomeBuy Direct helps Nottingham girl onto the ladder
The idea of owning her own property seemed like an impossible dream for 28-year-old Laura Grimmett, but that was before she discovered the Government-backed HomeBuy Direct (HBD) scheme.
Following some time away travelling, Laura landed a full-time job as an NHS administration worker at Nottingham’s City Hospital, and decided it was time to move out of her parents’ home.
At first, she was convinced that renting was her only option, as she assumed that she would be priced out of the market. It was only after reading a leaflet from Miller Homes East Midlands that she realised buying a new-build property was a viable alternative.
“I had already visited one of Miller Homes’ developments with a friend,” commented Laura, “So I knew that they built top quality homes. When I read the leaflet that was put through my parents’ door, I noticed that the Little Heron Mews development was nearby in Long Eaton and that affordable ownership options via HBD were being offered.”
The HBD scheme means that those who qualify have the opportunity to purchase 100 per cent of a property by paying from only 70 per cent of the value, with both Miller Homes and the Government equally funding the remaining 30 per cent.
HBD is open to first time buyers with a household income of less than £60,000 a year, key workers and current households who cannot afford to buy a property on the open market
The 30 per cent equity loan will only become repayable after 25 years or when the customer sells their home, whichever comes first, and there is no interest payable for the first five years.
After several visits to Little Heron Mews, Laura decided to use HBD to purchase a new, two-bedroomed apartment.
“The development itself was everything I was looking for,” added Laura. “There seemed to be a great mix of families and couples, and as it’s only two minutes walk to the train station, it was the ideal choice for my commute into Nottingham.
“HBD was an affordable way to get my foot onto the property ladder, with the confidence of owning 100 per cent of the apartment from day one. Once I had done all of the sums, I was shocked to work out that the mortgage repayments each month were actually cheaper than paying rent!”
Joy Goodman, sales director for Miller Homes East Midlands, commented: “Laura’s story goes to show that there are many misconceptions about the cost of owning a new home and that there are several affordable routes to take.
“A home for life is a goal for many people, and initiatives such as HBD are one of many ways that people can achieve their wish.”
For more details about Little Heron Mews, or HBD, visit the sales centre – open Friday to Monday 10.30am to 5.30pm & Thursdays 11.30am to 6.30pm.
