Help to Buy South has helped hundreds of people to purchase or rent their new home.  Here are just a few of the success stories:

First time buyers take first step on the ladder with Help to Buy

First time buyers take first step on the ladder with Help to Buy

For first-time buyers Sarah and Jonny it has been a dream come true buying their first home together, it's meant they can move out of mum and dad's and get the freedom they've always wanted. "It was lovely that my parents let us live at theirs for so long, but now we have our own home I'm so excited that I've got my own place and we have so much space now", says Sarah.

The couple first came across the Help to Buy Equity Loan scheme when they visited a nearby development, "we had a fair deposit saved so we started looking at homes, then when we visited a Wain Homes development the sales advisor there told us about it, we also consulted an Independent Financial Advisor for an affordability assessment and he suggested we use the Help to Buy Equity Loan too", continues Jonny, "it meant we could combine our deposit with the Equity Loan and that resulted in lower mortgage payments for us than if we'd brought on the open market".

The Help to Buy Equity Loan scheme enables purchasers to buy a new build property with a 5% deposit and borrow up to 20% of the value of the home from the Government as an interest-free loan*. You will need to be able to raise a 75% mortgage to cover the remaining cost of the home.

The full market value of Sarah and Jonny's new home was £200,000, they used a 10% Equity Loan which made the Help to Buy price of the house £180,000, once they added their deposit and raised a mortgage for the remainder their monthly mortgage payments are now only approximately £685, compared to the average rental price of £800pcm in Trowbridge. "We would have been spending so much more on privately renting a 3-bed house in the same area, we're really thankful for Help to Buy for making our home buying dreams a reality", adds Sarah.

"We love the size of the living room and master bedroom, the bedroom is my favourite space as it feels really homely and overlooks lovely scenery", continues Sarah. "We would definitely recommend Help to Buy Equity Loan to others; it really does help get first-time buyers on the property ladder, and makes our mortgage payments more manageable compared to open market".

* The equity loan is interest free for the first five years, but in the 6th year of ownership, a fee of 1.75% of the equity loan based on the market value at the time you purchased is payable monthly, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%. This is applicable if you have not paid back your equity loan by the end of year 5. An illustration will be given to you at the time of purchase.