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Teacher Gives Lesson In Getting A Foot On the Property Ladder

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Teacher Gives Lesson In Getting A Foot On the Property Ladder


Published by Clare Baskott for Orbit HomeBuy Agents in Housing

Laura Wainwright Laura Wainwright

A report published this week by the National Housing Federation (NHF), predicts that private rents will increase by a whopping 39% in the West Midlands by 2020.

The NHF’s report Home Truths 2013 #hometruths13 also says that house prices are now so far out of reach that many people and families are struggling to raise a deposit for a mortgage.

But as 25-year- old teacher, Laura Wainwright from Worcester discovered, there is help out there to make your home owning dream a reality.

Laura says: “I left university three years ago and landed a great job as a special needs teacher in an Evesham school. Having just left uni, I wasn’t in a position to buy anywhere, so I rented a flat in nearby Upton upon Severn.

As time went on, Laura really wanted to buy a place of her own, but thought it would be years before she’d be in a position to get a foothold on the property ladder, until she heard about the Help to Buy equity loan scheme.

The Help to Buy equity loan scheme assists purchasers by offering an equity loan of up to 20% of the full price of the property. Buyers don’t have to pay any interest charges on this loan for the first five years and they own 100% of your own home from the start.

Laura says: “I had a small deposit, so when I heard about the Help to Buy equity loan scheme, I went along to a couple of developments to see what was on offer and to find out more about the scheme.

Buyers need to be able to fund at least 80% of the property price through a conventional mortgage with a lender, who will usually require you to have a deposit of at least 5% of your mortgage.

At Taylor Wimpey’s Digliss Water development in Worcester, Laura found the home she’d been looking for.

Laura continues: “The whole process was so simple, the developer and the independent financial adviser explained what was involved and sent everything to Orbit Help to Buy Agents for my application to be assessed. Within days I found out that the equity loan was sustainable for me – it was all so quick and easy.

Six weeks after falling in love with a penthouse apartment; Laura unlocked the door to her dream home.

Laura adds: “It feels amazing to have my own place, especially when you think I’m only 25 years old. The Help to Buy equity loan has been brilliant for me - without it I wouldn’t have been able to buy my own place so soon. You hear time and time again in the media that my generation will have to wait until we’re nearly 40 to buy our own home, but I’m proof that with schemes like Help to Buy, it’s possible to do it much sooner than that.”


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