Journalist Rachel Machin, 35, and her family, managed to get back on to the property ladder with the help of FirstBuy.
The couple sold their home in Cornwall two years ago, but due to falling house prices, found themselves in negative equity. When they moved up to Cheshire to be nearer family, they were unable to get back on the property ladder, because the deposits being demanded by lenders was so high – anywhere between 10 – 25%.
As Rachel explains: “The FirstBuy scheme has enabled us to get back into home ownership, when, frankly, we’d more or less written off the idea. Property prices in Marple, where we chose to live for family and work reasons, are pretty expensive.
"A typical three bedroom family home there starts at around the £200,000 mark – so we were faced with finding a deposit of around £40,000. We simply couldn’t have saved that amount, so we felt trapped in the private rental market.
“When I first found out about HomeBuy schemes, I looked in to what was available in our area, and was delighted to discover there was a new-build development called The Coppice nearby, built by Morris Homes.
"We had a look round and agreed it was perfect for our family. We jumped at the opportunity. I applied through Plumlife, and the whole process was pretty quick and straightforward. We’ve just moved in to a lovely three bedroom home, on the market for £240,000, but with FirstBuy, we only needed a £12,000 deposit.”
To find out more about FirstBuy, speak to one of our sales team!