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    More details about: Porlock Road, Southampton, Hants

    | Porlock Road, Southampton, Hants

    For Sale 3 bedroom house
    Property value £150,000
    Share percent 50%
    Share percent price £75,000

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First Time Buyers Initiative helps couple at Lavender Copse, Basingstoke

First Time Buyers Initiative helps couple at Lavender Copse, Basingstoke

Amber and Adam’s story is one that is currently being echoed across the country. Living at Adam’s parents’ house in Basingstoke, the young couple were really keen to get a place of their own, but didn’t think they could afford to.

They thought they’re only options would be to either rent, which they weren’t keen on, or save up until they could afford to put down a deposit on the open market, which would have taken far longer than they wanted. That was, until a friend mentioned a HomeBuy scheme called the First Time Buyer’s Initiative (FTBI).

The scheme enables first time buyers to purchase a brand new property on participating developments, with the help of an equity loan of between 15-50% of the full market value. For the first 3 years, no interest is charged on the equity loan, with 1% being charged in year 4. For further details on the scheme, check with your local HomeBuy Agent.

“A friend told us about the scheme, and we also saw an article in the local paper. Having to raise a mortgage from just 50% of the value of a new home was far more achievable for us” said Amber.

Amber and Adam wanted to stay in Basingstoke due to work, friends and family, and they were thrilled to learn the Lavender Copse development in the area was offering the First Time Buyers Initiative.

“We applied to the HomeBuy Agents for Hampshire and the Isle of Wight, HomesinHants, for the scheme. Once we were approved, we went along to the development to see what was on offer.”

Amber and Adam soon reserved a 2 bedroom apartment, purchasing 55% of the property, and were pleasantly surprised with the options that they were given.

“We were even able to choose the carpets and kitchen style, which was great as it really felt like ‘our home’ from the beginning.” said Adam.

“The whole process was very simple from start to finish and it’s great to know we don’t have to pay any of the loan or interest back for 5 years which is excellent. The scheme really is a good place to start on getting onto the property ladder”.

If you are interested in the prospect of being able to buy a house or flat of your own, call 023 8062 8004 or apply online via this website (www.homesinhants.co.uk). Alternatively visit the HomeBuy Schemes Page to find out more about the schemes available.

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