Almost Half of Aspiring Home Owners Intend to use Help to Buy
Published by Clare Baskott for Orbit HomeBuy Agents in Housing
New research released by Experian, the credit rating agency, reveals that almost half of all aspiring home owners under 40 are planning to use the Help to Buy scheme to help them reach their dream of home ownership.
The Experian Help to Buy Hopefuls Insight Report shows that 39% of those who are planning to buy their first home will apply to use the scheme. The report also reveals that more men than women are planning to use the scheme in order to get a leg up on the property ladder - 43 per cent of men aged 20-40 compared to 34 per cent of women of the same age.
The West Midlands comes third in the league of regions where people are considering using Help to Buy to get a leg up on to the property ladder, just as young Midlands couple Danny Thomas (22) and Elizabeth Leedham (20) did.
Danny and Elizabeth were both living at home with their parents in Tamworth, Staffordshire, but were keen to settle down and get a place together.
Danny says: “We started to look into buying, but soon discovered that we couldn’t afford anything on the open market, because we didn’t have the huge deposit needed. We didn’t want to rent and end up being in that vicious circle of not being able to save, because we were paying a huge rent.
So, the couple were delighted when they heard about the Help to Buy equity loan scheme, keen to find out more they visited the Morris Homes development at nearby Wilmcote.
Danny says: “The whole process was so simple, we were helped every step of the way by the developer and the independent financial adviser. They sent everything to Orbit Help to Buy Agents for us, who assessed our application. We found out within days, that the equity loan was sustainable for us - it was all stress free for us.
Within two months, the couple moved into their brand new three-bedroom home.
Danny says: “The Help to Buy scheme has been brilliant for us, without it, we would have had to wait for years to get a foot on the property ladder. We had both thought that buying a home like this, was way out of our reach and we feel really proud of what we’ve achieved at our age.”