With the government having recently announced an extension to the current Help to Buy scheme, many second steppers are being given the chance to move up the ladder and secure their dream family home.
One family who were able to take advantage of the scheme earlier this year are Shaun Thomas (32), his son Felix (7), his wife Hannah (34) and their daughter Maggie (15 months), who moved into their new four-bedroom family home at Annington’s development The Crescent in Carterton this June.
Shaun, Sales Manager for an IT company, was a second time buyer, having previously purchased a 30% share of a two-bedroom coach house in Carterton with his mum and sister using funds from inheritance. The property was originally bought by the family as an investment with the intention of letting it out, but when Shaun's relationship ended with Felix's mother, he moved in.
Shaun commented: “We didn’t initially realise that Help to Buy was available for second time buyers, until we spoke to the Sales Adviser at The Crescent. Thanks to the scheme, we were able to elevate our purchase at the top end of our budget, and upgrade to a much larger and brand new three storey, four-bedroom family home with a garden, garage and driveway. Because of the way Help to Buy works, the payments are cheaper than an older, lower-cost house during the first five years, which is really ideal for us whilst Hannah is taking a break from her career to look after Maggie."
Shaun continues: “My mum and sister bought me out of my previous property, which they are now renting out. I was able to use the equity from the coach house to put down a 15% deposit on our new home, which cost £357,000 in total. Thanks to Help to Buy, our mortgage costs are less than £100 more than the rent on our old property, yet it is double the size in sq ft. We have no plans now to move until the children have grown up.”
Launched in 2013, Help to Buy is the government’s equity loan scheme, through which buyers pay a minimum five per cent deposit and the government lends up to 20% of the cost of their new home. Originally, all homes under the scheme had to be build complete by December 2020, however, the government recently extended this deadline to February 2021, in light of delays caused by the coronavirus crisis. From April 2021 until 2023, the scheme will be open to first time buyers only. There will also be caps placed on the value of properties which can be purchased using the scheme, with a maximum of £437,600* set in Oxfordshire and the South East.
Louise Saunders, Sales Manager for Annington, commented: “We’re so pleased that the Thomas family were able to buy such a large family home thanks to Help to Buy. All of the homes currently available at The Crescent are due to complete by the end of this year, and are perfect for families looking to take that next step and get more house for their money.”
Annington is building 135 brand new two, three and four-bedroom homes at The Crescent, Carterton, in West Oxfordshire, on the site of former MOD homes that were linked to RAF Brize Norton. All of the new homes come with a garage and a parking space and are ready to move into, with carpeting, Karndean flooring and Symphony fitted kitchens inside and turf in the garden all included as standard, so there are no hidden costs for extras.
Shaun said: “Since we moved in during lockdown, the play area behind our house has reopened, which is perfect for Felix to play safely and for taking the baby for a walk in the pushchair. There’s definitely a sense of community starting to form here – we’ve gotten to know our neighbours quite well and have been helping each other out with DIY tips, borrowing tools and food."
« Back to testimonials page