Help to Buy in Reality: The Expanding Family With Negative Equity

An expanding family used the Help to Buy scheme to move up the property ladder just before their latest addition arrived. Travel agent Laura and trade account manager Daniel Higgins utilised the Government scheme to buy a new three-bedroom house at Bellway’s Kings Park development, Market Warsop, to give them extra space for their son Logan, 3, and new baby daughter daughter Ronnie Mae.

The Higgins Family
The Higgins Family

Laura said: “We had been looking at the Bellway homes since they first started building down here a few years ago. We kept coming and going, trying to decide whether we could afford to move and then Melanie, the sales advisor, told us about Help to Buy.”
As well as allowing the family to get extra space, Help to Buy assisted allowed them to cope with equity issues on their old home. Laura, currently on maternity leave, said: “Our old house was a good first home but we were ready to move, especially with the baby due to arrive and we wanted to make use of Help to Buy because we had lost some equity in our old house.
The figures
Cost of three-bedroom house = £124,995
5% Deposit = £6,250
20% Balance = £25,000 funded through a five year interest free equity loan through the Help to Buy scheme
Mortgage = £93,745.
King’s Park currently has three and four-bedroom homes on release, priced from £124,995 to £161,995.