Scholars Village saw dozens of new residents in the final months of 2015, and shortly before Christmas, first-time buyers, Emma and Jack* were welcomed to the development.
High rental costs, negligent landlords and a lack of long-term tenancies convinced Emma and Jack that it was finally time to look in to purchasing their own home, and were pleasantly surprised by what they could afford.
“We didn’t think we’d be offered a big enough mortgage, but we spoke to a financial advisor and he looked at a lot of mortgage companies to find the one that was right for us,” says Emma.
“We had to borrow some of the deposit money from a family member, but our mortgage payments are so much lower than rent that even with repaying the loan, we will still have the same amount of money each month!”
Other financial benefits that drew Emma and Jack to buying a new build home were lower energy bills, and not having to worry about unexpected repair costs.
“It was so nice having a home that was exactly how we wanted it when we moved in, and when we were putting the Christmas tree up it was such as relief to know that we would definitely be living in the same place next year! We certainly didn’t have that security with renting.”
Pentland Homes’ Managing Director, Martin Hart, had this advice for first-time buyers hoping to get on to the property ladder:
“The toughest challenge for any first time buyer today is the deposit, especially when you’re already renting. So stay at home longer with mum and dad if you can, and save hard for that deposit!”
He also noted the benefits of government schemes such as Help to Buy. “The government is looking to help first-time buyers, and the schemes available really can make a difference as to whether you can secure that dream home.”
*names have been changed on subject’s request
Posted: Friday, January 22, 2016
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