Why rent when it’s cheaper to buy?
First time buyers, Ryan Harvey and Sophie Thomas bought a two bedroom apartment at Linden Homes’ Charlton Hayes development in Bristol thanks to the Help to Buy scheme and it’s even saved them money.
Ryan, 24, is an underwriter for ALD Automotive and Sophie, 23, is a nursery room leader at Caerleon Child Care in Bristol. The couple are engaged and have been renting a house with Sophie’s parents in Stoke Gifford.
Talking about the move, Ryan said: “We have a wedding to pay for and plan, so moving wasn’t even on our radar. However, after university I went on to do an accounting and finance course and I learnt all about the Help to Buy ISAs (instant saving accounts). We started to pay into a Help to Buy ISA in December and received £900 towards our savings, which helped us raise the money for a deposit on our first home.”
The Help to Buy ISA is available to first time buyers. The Government boosts your savings by 25 per cent (up to £3,000) so for every £200 you save, you can receive a bonus of £50.
Ryan continued: “We bought our own two bedroom apartment for £193,000 at the end of June and our mortgage repayments are only £480 per month. If we were to rent our home the monthly cost would be £850-£900, so we’re saving over £370 each month – while paying off our own mortgage.
“We really didn’t think we’d be able to buy; we briefly looked at some second hand homes for £150,000 in the area and couldn’t believe it when we discovered that we could afford a new property for more with Help to Buy. We visited Linden Homes’ Charlton Hayes development on a Sunday and reserved that very day.
“Lucy Gazzard, the sales executive, has been so helpful by explaining the whole process and taking us through everything. We are thrilled with our new home and love that everything is brand new – no leaky roof or boiler that needs repairing – we just can’t afford any nasty surprises like that with a wedding on the way. It’s been a sensible investment that’s saved us money in the short term as well as the long term. We’ll be starting our married life in a new home and we couldn’t be happier!”
Sue Scholfield, sales and marketing director for Linden Homes, said: “We wish Ryan and Sophie all the best for their wedding in February – it’s certainly going to be an exciting few months for them!
“It’s fantastic that they’ve been able to buy their own home and save money at the same time. Help to Buy has enabled many people to make that crucial move; 44 per cent of sales at Charlton Hayes have been made through Help to Buy so I’d encourage anyone who doesn’t know much about it to visit us to find out more.”
Designed to assist existing homeowners and first time buyers, Help to Buy is a Government backed equity scheme available on any property at Charlton Hayes. It enables homebuyers to purchase a new home with just five per cent deposit and a 20 per cent Government equity loan.
Only six miles from Bristol city centre, Charlton Hayes is well situated, with easy access to the M5 and Cribbs Causeway, and close to open countryside.
The sales and marketing suite is open seven days a week from 10am to 5pm, off Eighteen Acre Drive, Patchway, Bristol, BS34 5AS. For more details call 0117 321 1699.
Linden Homes builds homes from Cornwall to Lincolnshire and from West Sussex to Northumberland.Media can contact Emma Mackay on 077383 12960 for more information, images and interviews with Linden Homes.
14 July 2016