New-build flat purchase aided by Fairview top-up deposit scheme
Maya Prever, 24, and Charlie Harris, 27, recently became first-time homeowners after buying a brand-new, two-bedroom apartment. The couple managed to receive an added £18,750 to their deposit through the little-known Fairview top-up deposit scheme. This program provides a much-needed boost to first-time buyers who purchase one of Fairview's new-build properties in London and the Home Counties.
Achieving the Dream Home in Less than Eight Weeks
Maya and Charlie had been diligently saving for their own place, even while living with their parents. They were thrilled to discover the Fairview top-up deposit scheme when they expressed interest in a Brentwood Acres flat. To qualify for the additional 5%, the couple needed to have saved a 10% deposit. They quickly gathered the necessary funds and secured a solicitor within 48 hours. By mid-March, they had received their mortgage agreement in principle and viewed the flat a week later. The whole process, from start to finish, took less than eight weeks. On May 6, Maya and Charlie received the keys to their new home.
Other Options for Aspiring Homeowners
If the Fairview scheme isn't suitable for your situation, there are a variety of other options to help hopeful first-time buyers get on the property ladder. The government's mortgage guarantee scheme allows buyers with a small deposit of 5% to secure a 95% loan-to-value (LTV) mortgage. Originally set to end in 2022, the initiative has since been extended until December 31, 2023. The Help to Build scheme provides an equity loan for those looking to build a home or convert a previously commercial building. Lastly, the First Homes scheme offers discounted rates of 30% to 50% for first-time buyers in England, with the discounts remaining even if the property is sold in the future.
A Peek into Maya and Charlie's Dream Home
The new homeowners are thrilled with their two-bedroom apartment, complete with two bathrooms, a private balcony, and a parking space. Maya and Charlie were drawn to the allure of everything being brand new, including the appliances. They particularly appreciated the larger square footage compared to other older properties they had considered. The quietness of the development, as well as the sound-proofing in the flat, greatly appealed to them. With a spacious second bedroom, the couple can comfortably work from home. Large windows bring in abundant natural light, adding to the charm of their new home.
Choosing the Perfect Location
Maya and Charlie decided to stay close to their Essex roots and selected a location near their families. Although they already feel settled, they look forward to exploring the area further. Numerous walking trails and forest paths are within walking distance, allowing them to enjoy the countryside while still being able to easily reach the amenities of Brentwood High Street.
Buying their Home on a Budget
The couple purchased their flat for £375,000 and managed to save a 10% deposit of £37,500 between the two of them. Thanks to the Fairview top-up deposit scheme, they received an additional £18,750 towards their deposit. To secure their mortgage, they enlisted the help of a recommended broker since Skipton Building Society required additional funds. Maya and Charlie's parents helped cover the remaining amount needed, with some funds being gifted and others requiring repayment. Ultimately, they secured a two-year, fixed-rate mortgage at 4.93% through Skipton Building Society.
Sharing Their Saving Strategies and Advice
Charlie's talent for saving allowed him to gradually set aside money each month, ultimately reaching a deposit of £31,500. He achieved this through his salary and freelance work producing videos. Maya faced some challenges but managed to save approximately £7,000 by selling her artwork and homeware through her own website and taking part in paid market research focus groups. They both stress the importance of starting to save early and being prepared to make compromises when buying a home. They also received helpful furniture and home-warming gifts from loved ones.
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