A dream come true for buyers in Stoke
A Stoke couple who feared they would never afford a home of their own have moved into a stylish new mews-style house with help from a Government-backed scheme.
Laura Moss and Gary Naylor, who work at Esporta Health Club in Stoke-on-Trent, had been living with Gary’s mum for over a year before they bought a brand new Redrow home at Water’s Edge, in Hanley.
“We were looking to buy our own property but thought we wouldn’t be able to afford anything, particularly as 100% mortgages are no longer available,” explained Laura, health and beauty salon supervisor at Esporta.
“Gary was looking on the internet and came across the HomeBuy Direct scheme at Water’s Edge. We couldn’t believe it when we found out we were eligible. It seemed too good to be true and we looked for a catch but there wasn’t one, it is fantastic.”
With HomeBuy Direct, eligible customers can take advantage of an equity loan for up to 30% of the purchase price, jointly funded by Redrow and the Homes and Communities Agency, enabling them to buy the home of their dreams at a price they can afford.
Interest-free for the first five years, the loan can be paid back when they have more funds available or when they come to resell.
Gary, member relations manager at Esporta, and Laura moved into their mews home, costing £144,995, in early spring. Thanks to the 30% equity loan, they only had to apply for a mortgage of around £97,000.
They are looking forward to starting a family in the future.
“Our house is just lovely and I still can’t quite believe we are living here and we own it. We have a large lounge with patio doors leading to the garden, a lovely kitchen and an en-suite off our bedroom,” Laura commented.
“Water’s Edge is a great place to live and it’s just five minutes from our work. I would strongly recommend that first time buyers consider HomeBuy Direct as it’s a great way of getting on the property ladder.”
Elaine Mounsey, sales manager for Redrow Homes (NW), explained: “If you’ve resigned yourself to a lifetime of renting under the misconception that home ownership is beyond your means, think again.
“With HomeBuy Direct you shouldn’t need a large cash deposit and only need to fund 70% of the home’s value up front, so you should be able to access some of the better mortgage rates around.”
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 will 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.
Water’s Edge offers a wide range of canal side homes including one and two-bedroom apartments and three and four-bedroom homes. Close to Hanley town centre and open countryside, the development is accessible to the A500 and the M6 motorway.
For more information about the homes available at Water’s Edge, visit the development, open daily from 10am to 5.30pm.
