Lucy gets some Help to Buy
Lucy finds the perfect balance with Help to Buy
13/09/2016 - General
A house buyer from Warrington found she was able to afford a bigger home than she expected without compromising her lifestyle after discovering the benefits of Help to Buy.
Lucy Butler, 36, used the scheme to buy a four-bedroom detached house at Bloor Homes’ Willow Vale development in Warrington, after initially setting her sights on a smaller three-bedroom property.Help to Buy enables purchasers to secure a new build home with just a five per cent deposit and 75 per cent mortgage, with the remaining 20 per cent being provided by the Government as an equity loan, which is interest free for the first five years.
Lucy, a chartered management accountant, used Help to Buy to upsize from the three-bedroom mews house she owned in Padgate, proving the scheme isn’t just for first-time buyers. By using the equity from her previous home to put down a 20 per cent deposit, she was able to secure her new house with a 60 per cent mortgage, significantly reducing her monthly payments as a result. She said: “After speaking to an Independent Financial Advisor and Jess and Lisa at Willow Vale, I realised they were offering Help to Buy, and that I was eligible for the scheme. “When I looked at the numbers I realised I could afford to step up from a three to a four-bedroom house and still enjoy the lifestyle that I had before.
“I didn’t want to overstretch myself to buy a four-bedroom house and then not be able to afford to go out or go on holiday, and Help to Buy has enabled me to have that balance.”
Living at Willow Vale means that Lucy is close to a selection of retail parks and leisure facilities. The development is also near to the M62, offering an easy commute.
Lucy also had no qualms about buying her property off-plan, which enabled her to personalise her new home with the fixtures and fittings of her choice. She said: “Some of my friends couldn’t believe I was buying a house before it had been built! But Bloor Home talked me through the process in great detail and showed me all the plans.”
“It’s great to have the extra space with a bigger home – the kitchen and dining area is where I’ll be spending most of my time and it’s around twice the size of what I had before.”