Help to move on up
their son Ethan, now two, but they wouldn’t have been able to afford the mortgage for their new four-bedroom house at Barratt Homes’ Bishop Park in Henfield, West Sussex, without Help To Buy.
The scheme meant they could access more affordable interest rates typically associated with having a larger deposit.
“We had bought our flat with a shared equity scheme over 10 years ago with a five per cent deposit,” says Greg. “Our property did well in this time and we were able to increase our ownership over the years as well as benefit from a lift in house prices.
“Then, like many young families with a young child, we decided that we wanted a garden and another couple of bedrooms and so we looked at the Help To Buy scheme which we found available at Bishop Park.
“Help To Buy seemed ideal and has meant that we have really been able to move into our perfect family home, rather than taking a smaller jump now and another in a few years.”
Faye returned to work as a teacher after Ethan’s birth but Greg became a stay-athome dad, so keeping the mortgage repayments at an affordable level was crucial.
Greg explains: “Of course [Help To Buy means] there is an equity loan but we don’t see it as any different to borrowing from the bank and it’s also interest-free for five years.
“The loan has enabled us to make great monthly savings on our mortgage which, given that we are raising a young family, is very welcome. We can either pay this back in five years or whenever we sell the property.”
Bishop Park is near Henfield, West Sussex, close to the south coast and Brighton but also the South Downs. It has a good range of shops, cafes, restaurants and pubs and is near Hassocks railway station for trains to London Victoria.
Three, four and five-bedroom family homes are for sale from £389,995. With Help To Buy, these can be bought with a deposit of just under £19,500 (0844 273 4584; barratthomes.co.uk).
Help To Buy is available from many new-build developers but will not be extended after March 2023, according to this week’s Budget documents. For more information go to helptobuy.gov.uk