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Adam Sadler and Claire Moynagh in their new home
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A young Essex couple have become the first people in the UK to buy a property from affordable housing provider Home under its HomeBuy Direct scheme.
First time buyers Adam Sadler and Claire Moynagh have just moved in to their new, £154,350 two-bedroom house on Home’s The Oaks development in Bailey Bridge Road, Braintree, Essex.
This is the first time that Home, nationally, has sold a property using HomeBuy Direct, a scheme that allows people to buy a property without the need for a deposit
Adam and Claire secured a 70% mortgage and the remaining 30% has come from an equity loan provided by Home and the Homes and Communities Agency.
This loan is free for the first five years meaning no rent on the remaining 30% will need to be paid until after this period. The loan only has to be repaid when Adam and Claire come to sell their home. The couple are excited at the thought of having the option of being able to buy the remaining equity in their home) within the five years, when it suits them.
Having been frustrated in their efforts to buy their first home, Adam and Claire faced being made homeless as the notice on their rented property was coming to an end, but with Home’s on site presence and support, they are now enjoying life as first-time buyers.
Adam said: “There is no way we could have afforded the deposit to buy the property we now have and thanks to the HomeBuy Direct scheme and the excellent service and support we have received from Home, we are now living in the home of our dreams.”
At The Oaks, Home has 39 plots for sale, of which 15 are available through HomeBuy Direct. Completions of properties in phase one are expected by the end of July, with phase two expected in October.
In the second phase, where 31 properties are for sale and all 11 HomeBuy Direct plots have already been reserved, with completions expected in October.
Home is also offering HomeBuy Direct on Fields scheme in Sheffield and BoKlok development in Gateshead. Details can be found at www.homegroup.org.uk
