Mr Sreekumaran Thampi, 40, and his wife were keen to purchase their own home, but saving up a big enough deposit was proving difficult. When Mr Thampi and his wife found out about the Help to Buy incentive at Crest Nicholson’s Cavendish Grange development in Milton Keynes, they realised that this was the couple’s fast-track route to homeownership.
Mr Thampi, an IT Services Account Director, said: “Paying rent on someone else’s property every month was becoming increasingly frustrating. We were saving for a deposit and would eventually have been able to afford our own home, but Help to Buy enabled us to get on to the property ladder sooner than we could have imagined and to afford a home of our own. We visited Cavendish Grange and fell in love with a two-bedroom house, which initially we didn’t think we could afford.”
The Government’s new Help to Buy shared equity scheme enables buyers to secure their new home for 75 per cent of its full price and only pay a 5 per cent deposit. Unlike other schemes, with Help to Buy purchasers own 100% of their home from day one but only pay a mortgage on 75 per cent of its value thanks to an equity loan from the government for 20% per cent of the price*.
Mr Thampi continues: “It was essential for us to buy a home with a garden for our three year old daughter, having previously rented an apartment since she was born. Buying a newly built property was also important and we wanted to live somewhere with a real community feel that wasn’t far from where we were already living. As soon as we visited Cavendish Grange we knew this was where we wanted to be. My work involves a lot of travelling so the good commuting links were a big deciding factor and the warm community made us realise this would be a lovely area in which we could set up home.”
Mr Thampi concludes: “The entire process has been quick and seamless – in fact, I have been so impressed that I’ve already recommended not only the Help to Buy scheme, but also Cavendish Grange as a wonderful place to live to friends!”
Crest Nicholson’s Cavendish Grange, a collection of stylish new homes in the sought after Middleton area of Milton Keynes comprises a stunning collection of just 64 two, three, four and five-bedroom homes, approximately two miles from Milton Keynes town centre.
Prices start from £259,950 for a three bedroom house. Using the Help to Buy scheme buyers need a deposit of only £12,998, the government then offers a 20% equity loan of £51,990 and therefore purchasers need only take out a mortgage for £194,962.
For more information or to make an appointment, contact the Sales & Marketing Suite, Noon Layer Drive, Milton Keynes, Buckinghamshire, MK10 9BT, on 0870 521 1984.