Shared equity scheme helps Hampshire family upsize

Nicky, Gareth, Gemma and Caden

Cedar conservatory

Nicky, Gareth, Gemma and Caden

Gareth and Nicky Morgan and their two children – Gemma, 9 and Caden, 2, have been able to move to a larger family home thanks to a shared equity scheme.

Unable to sell their flat in order to upsize, the Morgan family from Havant was starting to despair. However, after speaking to Bryant Homes' sales executives at the company's Cedar Park development, they were given fresh hope.

When told about the family's situation, the team suggested using a government-funded scheme called 'MyChoice HomeBuy' which provides a low cost loan (APR 1.75% pa) to people whose joint household income is below £60,000.

Those who use the scheme will own 100% of their property and only pay half of the price now, while using a low interest equity loan to fund the remaining 50%.

"We had two children in a two bedroom flat and we really wanted more space but we couldn't find a buyer," said Nicky.

"We'd put our flat on the market at just the wrong time and after months without any interest we felt like we were trapped. We are so glad Bryant Homes offered us the shared equity scheme at Cedar Park as we would never have been able to get a bigger home otherwise."

The couple decided to buy a three bedroom semi-detached home using Bryant Homes' part exchange scheme after the company's team at Cedar Park put them in touch with a financial advisor, with whom they discussed their options.

"Using the MyChoice HomeBuy scheme enabled us to overcome the hurdles of high mortgage costs as well as the need for a large deposit which, in the current economic climate, was a real struggle," commented Nicky.

"We are so glad the sales team suggested using it as we love our new home."

Pauline Fletcher, regional sales and marketing director for Bryant Homes, added: "We speak to many people, like Nicky and Gareth Morgan, who are desperate to move home but don't think this will be possible in the current economic climate.

"The current low interest rates and great deals available on a wide choice of new homes is a winning combination that is helping homebuyers to get moving after a challenging time in the property market. We believe that with the right advice and support, now is a great time to buy at one of our fantastic developments in the region.

"Whether you're put off from making the move because you can't sell your own home, can't get a mortgage or haven't got enough deposit, come and talk to us to find out how we can help you to buy your dream home."

For more information, visit www.bryant.co.uk

Information courtesy of Haslimann Taylor PR and Bryant Homes

© PropertyIndex.com 2009 | Last updated: 19th May 2009

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