A couple who just four years ago where living with their parents have now purchased their second home, thanks to a government home ownership scheme.
Aidan and Lynsey Hubbard bought their first home - a two-bedroom property on Orbit Homes’ Aspire development off Norse Road, Bedford, in January 2012.
They have now taken advantage of the equity in their home, created by 2013/14 record increases in house prices combined with a Help to Buy equity loan, to upgrade to a three-bedroom detached house on the same development.
School teacher Lynsey, 26, said: “In 2011 we were still living with our respective parents, saving hard and longing to buy our first home together but we thought we were a long way off buying our first home , until we visited Orbit Homes’ Aspire sales office just to see what might be available.”
ce they started talking to Orbit Homes’ sales team, the couple discovered that, because they had a combined income of less than £60,000 per year, they were eligible for help to buy a new-build house through the government’s HomeBuy Direct scheme and that Aspire was a qualifying development.
This meant they were able to buy with a much smaller deposit than expected, as shared equity with the government and Orbit Homes covered 20 per cent of the house value and allowed them to reduce their mortgage requirement to 75%.
The terms of the equity loans also meant that they had no repayments to make on 20% of their house, for the first five years of home ownership.
A couple of years into home ownership, Lynsey and Aiden started to think about moving up the property ladder to a larger family-sized house.
“Thanks to buying through HomeBuy Direct and the interest free period on the equity loan, we found ourselves in a strong financial position, with spare income,” said Lynsey.
“We decided it was a good time to invest in ‘future-proofing’ our home, so we would have enough space if we decided to start a family.
“We wanted to stay at Aspire and once we had our house valued we realised that buoyant house prices had increased our positive equity to a point where we could afford to move to a larger, three-bedroom, Orbit Homes’ house.”
Lynsey and e-commerce manager Aidan, who recently got married, are enjoying the extra space of their new house. However, things aren’t quite as quiet for the couple as they were in their first home. “Because the new kitchen diner is so massive,” said Lynsey, “it’s become the central gathering place, so it means we are seeing rather more of family and friends.”