When Ryan Adair and Victoria Wallace found themselves facing a sudden increase in rent, they believed that owning a home was out of reach. However, their luck changed when they discovered a small deposit scheme that gave them hope.
Desperate for a place of their own
Ryan, 33, and Victoria, 25, were desperate to find a place of their own after their landlord raised their rent by £675 a month. They stumbled upon a development by homebuilder Barratt in Hayes, Middlesex, and set their sights on a two-bedroom apartment.
A helping hand
As employees of a whiskey company, Ryan and Victoria knew they wouldn't be able to afford the property without assistance. That's when they realized they could use the Help to Buy Scheme, a government initiative that offered an equity loan and allowed them to put down a deposit of just 5%.
Options for first-time buyers
Although the specific Help to Buy Scheme they used closed in March this year, there are still other schemes available to give prospective buyers a leg up on the property ladder. The Help to Build scheme, for example, offers an equity loan to help with building or converting a home, while the First Homes scheme offers discounted rates for first-time buyers in England.
Their dream home
Ryan and Victoria's new home is a two-bedroom apartment in Hayes, Middlesex. With open-plan living space, high ceilings, big windows for natural light, and a balcony, the couple is delighted with their new property. They also have access to a communal garden and the option to purchase a car parking space.
A convenient location
The location of their new home was another factor that influenced their decision. Just a ten-minute walk from Hayes and Harlington station and with a short half-hour commute to London, the couple appreciates the ease of access to transportation. The proximity to the Elizabeth line and Heathrow Airport also made it an ideal choice for them.
Achieving their dream
Their dream apartment came with a price tag of £453,000, but with a mortgage of £273,000 over 32 years and a fixed interest rate of 2.15% for the first five years, Ryan and Victoria were able to afford it. The Help to Buy equity loan proved to be a lifeline, allowing them to secure the property with just a 5% deposit. Without this scheme, their dream of owning a home would have remained out of reach.
