NewBuy scheme helps young couple find dream home
22 May 2012
A Worcestershire couple were one of the first in the country to benefit from the Government-backed new mortgage indemnity scheme.
The NewBuy scheme is aimed at boosting the housing market for both first time buyers and those looking to move up the property ladder with purchasers requiring just a five per cent deposit.
Darren and Tabitha Barker decided to return to the Midlands after living in Wales for almost five years but due to the current housing market were unable to sell their previous property or afford the 20 per cent deposit that most mortgage lenders requested.
Having found their dream home at the Charles Church Malvern Vale development the young couple quickly saw the NewBuy initiative as the obvious solution.
Darren said: “Before the birth of our daughter, Amelie three months ago we decided to move closer to our family. Having grown up in Worcester we were certain that the Malvern Vale site this was place we wanted to bring-up our new family.
“NewBuy’s five per cent deposit has turned our dream into a reality.
“After securing a mortgage through the Woolwich we are able to purchase a three bedroom Charles Church home in Malvern and expect to move in this summer.
The Government’s NewBuy scheme, which is also backed by house builders such as Charles Church, is aimed at increasing the availability of low-deposit mortgages. With no salary cap, purchasers can secure a 95 per cent mortgage product on new homes up to the value of £500,000.
Charles Church South Midlands, sales director, Alison Reading, said: “The NewBuy initiative provides an attractive mortgage option for our buyers. We are delighted to have secured one of our Brockencote properties for Darren and Tabitha and hope they will be very happy in their new home.”