First time buyer calls for continued help for peers
First time buyer Gary Kemp from Gainsborough urges the Government to consider his peers when deciding the fate of funding for the property market.
As the popular Government funded shared equity scheme begins its demise, one first time buyer who purchased a new home using the HomeBuy Direct initiative, explains how important the funding was for him and his family.
Gary Kemp, 24 from Gainsborough, was in rented accommodation, with good job prospects and a baby on the way, Gary decided now was the perfect time to make that all important step onto the property ladder.
“A property is a sound investment, I wanted to be able to provide my partner Kirsty and our new baby with a good future and felt that instead of wasting money on renting, purchasing my own property was the best answer.
“Unfortunately the deposits needed to buy a property were, and still are, just too high and with my rent and everyday living there was little left to use as savings. I thought I would never get my foot onto the property ladder!” said Gary.
Gary had heard of some Government help but it wasn’t until he visited the Miller Homes development in Gainsborough that he became fully aware of how it could be the perfect solution for someone in his situation.
“It’s a fantastic scheme, I would never have been able to afford a home if it wasn’t for Homebuy Direct. Vicky and Jo (Miller’s sales advisers) were great, they explained the application process and how it could help with the financial side of purchasing my first home!”
Most shared equity schemes, work on the principal of enabling the homebuyer to own 100% of their property but only paying a percentage of the price now with the remaining being offered as a loan which is not repayable for at least ten years. HomeBuy Direct is a Government initiative whereby buyers, who qualify under the scheme, own 100% of their home by paying from 70 percent now of the value, and the remaining 30 percent is funded by both Miller Homes and the Government.
One of the biggest benefits of the scheme is that the equity loan only becomes repayable after 25 years or when the customer sells their home, whichever occurs the soonest, and there is no interest payable for the first five years.
Steve McElroy, sales director for Miller Homes Yorkshire said: “The HomeBuy Direct funding has proved to be just what the property market needed. It has enabled many people whether they are young professionals or families achieve their ambition of owning their own home at a time when gaining any type of credit is difficult.
“We have always advocated that property purchasers today need more assistance, whether that be through Government or developer purchasing schemes or by lenders easing their strict criteria, and we look forward to seeing what help is in store.”
Gary continued: “Having been through the process of buying my first home I can only say how essential I believe further financial assistance is. If there is no help I think you’ll see more and more average people having to get a second job just to be able to afford a home of their own!”
Miller Homes has nine developments throughout the Yorkshire region and has developed many purchasing assistance schemes to enable all different types of buyers either onto or move up the property ladder. The housebuilder continues to provide help, not only through its own shared equity scheme MiWay, but with its latest incentive which runs until the 22nd October and offers purchasers piece of mind with the addition of 12 months free mortgage payment protection and £500 worth of Marks & Spencer vouchers.
To find out how the award-winning national housebuilder can help you, visit millerhomes.co.uk and see Gary explain how HomeBuy Direct has helped him.
