The Deposit Unlock scheme, which offers prospective homebuyers the chance to purchase a property with just a five percent deposit, has allowed Chris Pratt (39) and his partner Dan Coyles (29) to secure their dream first home at Crest Nicholson’s Union Place at Monksmoor Park development in Daventry, a year earlier than they had previously planned.
Launched as an alternative to the Government-backed Help to Buy: Equity Loan scheme, Deposit Unlock gives first time buyers and home movers access to 95% loan-to-value mortgages and is offered on selected properties across Crest Nicholson’s developments.
Chris, who works in as an Office Manager and Dan, a hotel Business Development Manager, were renting a small, two-bedroom house three miles from Union Place but were concerned that they were paying money in rent per month when they could be paying a mortgage, and were also looking for a property with more space.
Dan comments: “We’ve been renting for a just over 6 months now, and with rent becoming just as expensive as a mortgage, we’d been looking to buy for quite some time. We were expecting to have to wait another 12 months minimum to save up for the standard 10% deposit, but when we discovered Union Place and the Deposit Unlock scheme, it offered the perfect way for us to buy our first home sooner.”
Chris added: “Being able to move our purchase forward like this has resulted in huge savings for us, not just in terms of the deposit but also savings on rent too.” Chris and Dan also credit the smooth and speedy process of buying to Crest Nicholson, with Chris adding that Crest Nicholson had been great at supporting and “guiding them through the process”.
Located amid an abundance of open space, Monksmoor Park offers residents the very best in country living while being within easy reach of Daventry’s town centre and local amenities including shops, restaurants, bars and pubs. For commuters, the development provides easy access to the M1 in just 15 minutes, while Long Buckby Train Station provides services to London Euston in just over an hour.
Prices at Union Place at Monksmoor Park start from £250,000 for a two-bedroom home, £285,000 for a three-bedroom and £300,000 for a four bedroom.