When Judy Walker and Tyrone Milburn decided to move in together, they realised just how hard people find it to pull together a deposit for a house
Thanks to the Government’s NewBuy scheme, the couple were able to buy their dream home at Mabel Wood with just a 5% deposit. Judy, 24 and Tyrone, 25, who already lived in the West Cumbria village of Great Clifton, had looked at a number of houses and required at least 10% deposit to get a mortgage.
The couple then visited Story Homes Mabel Wood development and spoke to sales adviser Carreana. Once they heard about NewBuy and the opportunity to buy a Story Home with just 5% deposit, they realised how affordable a new build home could be and they set their hearts on the three bedroom semi detached ‘Osier’ house.
Tyrone said: “NewBuy was a really great scheme for us as it has meant that we could buy our new house with just 5% deposit where normally we would need at least double that amount. We both work full time and have been saving hard but everything seemed so out of reach. Thanks to NewBuy, we could put down just 5% deposit and we were able to afford to buy something a little bit bigger and better.”
Tyrone, a plumber at SJ McGuckin and Judy, a cashier for KJ Commons and Co are both excited about moving into their new home at Mabel Wood, a development of 46 homes which has sold out a year ahead of schedule.
Judy said: “We get the keys at the end of November and we couldn’t be happier. We have both been living separately with family so this is our first home together. Everything is perfect so we can move right in and not have to worry about any work that needs doing or any extra money we need to spend on repairs. We have received an excellent services and Carreana has kept us up to date with progress on our house and everything we need to do to make the process run as smoothly as possible.”
NewBuy is a Government backed ‘mortgage indemnity’ scheme aimed at helping people with smaller deposits to buy their first home or to move up the ladder. NewBuy allows loads to be secured at 95% of the property’s value for buyers meeting the lenders qualifying criteria.