First-time buyer Rebecca Trimble moved back in with her parents to help save, but it was a shared equity scheme that gave her and her partner the extra push they needed to get on the property ladder
Rebecca Trimble may have moved into her first home just five weeks after first viewing it, but her battle to get on the property ladder was a much longer, more difficult, journey.
So desperately did Trimble, 24 and her partner Kieren Travers, 24, want to buy their first home that that they moved in with Trimble’s parents so they could concentrate on saving a deposit.
Despite these efforts, the couple, both sales administrators in Manchester, still couldn’t find any homes they could afford.
“We’d been saving for ages,” Trimble said. “But everything we looked at was too expensive for us as first-time buyers. We just kept saving and put our plans on hold.”
Still hopeful of one day realising their dream of home ownership, the couple last year viewed Arley’s Chanters Green development in Atherton, near Manchester, where they fell in love with a three bedroom home with a garden, which was on the market for £127,000.
Trimble says she was thrilled when the developer later telephoned and told her about a shared equity scheme for which the couple were eligible and which required them to provide a five per cent deposit.
Under the agreement, the couple purchased 80 per cent of the property, while the developer retained the final 20 per cent, which can be purchased over an arranged period or paid back upon sale of the property.
“We really loved the house but we wouldn’t have been able to get a mortgage for the full amount or a deposit for the full amount, so the shared equity scheme worked well for us.”
The couple found the sale process hassle-free and lightening fast. “We were so lucky because we were able to move in within five weeks of when we first came to look at the home. It all happened really quick,” she says.
“From the first day when we came looking, we reserved the house, and then the developer put us in touch with a financial advisor and they looked after everything for us. They (the developer) even advised us of a solicitor we could deal with.”
The couple are now settled into their new home and couldn’t be happier .“I can’t describe it, it’s just brilliant,” Trimble said. “We have been together quite a while so just to have our own place is amazing.”
So desperately did Trimble, 24 and her partner Kieren Travers, 24, want to buy their first home that that they moved in with Trimble’s parents so they could concentrate on saving a deposit.
Despite these efforts, the couple, both sales administrators in Manchester, still couldn’t find any homes they could afford.
“We’d been saving for ages,” Trimble said. “But everything we looked at was too expensive for us as first-time buyers. We just kept saving and put our plans on hold.”
Still hopeful of one day realising their dream of home ownership, the couple last year viewed Arley’s Chanters Green development in Atherton, near Manchester, where they fell in love with a three bedroom home with a garden, which was on the market for £127,000.
Trimble says she was thrilled when the developer later telephoned and told her about a shared equity scheme for which the couple were eligible and which required them to provide a five per cent deposit.
Under the agreement, the couple purchased 80 per cent of the property, while the developer retained the final 20 per cent, which can be purchased over an arranged period or paid back upon sale of the property.
“We really loved the house but we wouldn’t have been able to get a mortgage for the full amount or a deposit for the full amount, so the shared equity scheme worked well for us.”
The couple found the sale process hassle-free and lightening fast. “We were so lucky because we were able to move in within five weeks of when we first came to look at the home. It all happened really quick,” she says.
“From the first day when we came looking, we reserved the house, and then the developer put us in touch with a financial advisor and they looked after everything for us. They (the developer) even advised us of a solicitor we could deal with.”
The couple are now settled into their new home and couldn’t be happier .“I can’t describe it, it’s just brilliant,” Trimble said. “We have been together quite a while so just to have our own place is amazing.”
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