Help to Buy in Reality: Large Family Home for Professional Couple

Scientists Kaivalya and Lovinia Kulkarni were buying a pre-owned three-bedroom house in Wolverhampton and had already started paying out fees when it was taken off the market. The couple then looked to a new build and bought a four-bedroom house at Bellway’s The Alders development in Gatis Street, Wolverhampton using Help to Buy.

Kulkarni- 007_4800x3200

The Kulkarni’s in their new home.

Kaivalya, an associate practitioner at Imperial College in London, and Lovina, a research scientist were able to buy a larger house than they otherwise would have been able to because Help to Buy was available. Kaivalya said: “Help to Buy means we’ve now bought a four-bedroom detached house rather than a three-bedroom house, which is what we were looking to buy before.

The figures
House price = £205,950.
Deposit = £10,298
Mortgage = £154,462.
Balance = £41,190. This is covered by a five year interest free equity loan backed by the Government under the help to buy scheme.

Three-bedroom homes start from £138,995 at The Alders and four bedrooms start at £205,950.