Moving up the property ladder much easier than you think, thanks to Help to Buy

A recent survey by Lloyd’s Bank[1] highlighted a significant proportion of owners believe it is harder to move up the housing ladder than it was to get on to it in the first place but, according to Georgina and Colin Day from Colchester, that assumption couldn’t be farther from the truth.

The young couple, who sold their first home just before marrying in December last year, used the government’s Help to Buy scheme to help secure their dream home at Crest Nicholson’s Rosewood development in Colchester, Essex, and hope to start a family there.

“The potential of this house as a family home is huge and we plan to be here for many years to come. We chose Help to Buy as it meant we could afford the best and biggest property for our money; we were delighted to be able to afford a four bedroom home for just £320,000” explains Georgina.

Requiring just a 5 per cent deposit on a property, a 75 per cent mortgage and a 20 per cent government loan on new build homes worth up to £600,000, the finances necessary to ascend the property ladder with the scheme are instantly more affordable with Help to Buy. The scheme also has an impact on the types of properties that second steppers can aspire to live in. Whilst a minimal move from a one-bedroom flat to a small two-bedroom house might previously have constituted a second step, the initiative has made three and four-bedroom family homes a viable second purchase.

The designs of both their new home and the development also appealed to Georgina and Colin’s future plans. “We fell in love with the open-plan layout and spacious feel of the house, as well as the large garden and sun terrace, which we can’t wait to utilise this summer! The fact that the outside space at Rosewood has clearly been designed with families in mind, with its child’s play area and large pond, was also really appealing when we were looking for a home.”

The customer service Georgina and Colin experienced from the sales team at Rosewood would appear to exemplify the five star service level of which Crest Nicholson was recently recognised for by Home Builders Federation (HBF) in its latest National New Home Customer Satisfaction Survey. “The standard of customer service has been exceptionally high,” comments Georgina, “we’ve been supported every step of the way by our sales representative, who’s helped us to understand the Help to Buy process and by putting us in touch with recommended financial advisors, for example”.

At Rosewood in Colchester, the three-bedroom Corvedale house type is on the market for £220,000 with Help to Buy. With a full market value of £275,000, the scheme alleviates the difficulty of having to raise the extra 20 per cent, without jeopardising the ability to accrue equity.

Annette Cole, Sales and Marketing Director at Crest Nicholson Eastern, explains: “Whilst first-time buyers have taken full advantage of the government’s Help to Buy scheme, it seems that very few second-time buyers are aware of how it can assist them too. There have been numerous reports outlining how people are putting their plans to start a family on hold because their homes are too small, but Help to Buy can help second steppers to upsize into a property that is designed for either a growing or an established family.”

Two-bedroom Jade house types are available at Rosewood from £212,500 or £170,000 with Help to Buy, while three-bedroom Corvedale house types are available from £275,000 or £220,000 with Help to Buy. For further details, please contact the sales and marketing suite on 0845 521 1985.

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[1] http://www.thisismoney.co.uk/money/mortgageshome/article-2581666/If-I-dont-buy-flat-I-miss-chance-Second-steppers-leg-ladder-home-prices-soar.html

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