A young family in Didcot, Oxfordshire have the government-backed NewBuy scheme to thank for being able to afford to get onto the property ladder at Bovis Homes' Chilton Dene development. Dane Ulrik Pedersen, his partner Cristina del Cano Novales and their young daughter Alba are delighted to have made their home in a three-bedroom ‘Sheringham' property which they were able to purchase thanks to the 95% mortgage offered by NewBuy.
The couple had been renting a property for a number of years and despite having good jobs as software developers, their biggest stumbling block to purchasing a home was putting the money aside for the large down-payments that many mortgage lenders require from first-time buyers.
Cristina takes up the story: "We just didn't have enough savings for a deposit. We had been renting for the past seven years, and it felt that we were throwing away our money when we could be putting the same amount towards our own house."
"NewBuy was the only option to buy the home that we wanted," adds Ulrik. "We calculated it would take us three years to save up the 20% down payment that would otherwise have been required but by then the house we liked would be sold. We've been careful with our budget calculations and made sure we have enough room to pay a bit extra into the mortgage every month. We're also very happy with what we have paid for the house as there are very few detached three-beds available in Oxfordshire and even fewer new-builds, so the price is normally quite high, but this one was very reasonable."
The family have been in their home for over three months now and have really settled in to their new home in Oxfordshire. "Apart from setting up home and walking in our wonderful new neighbourhood we've been enjoying the garden a lot," Cristina said. "We're also very close to work now, so it saves us lots of time and fuel. It is very nice to be able to decide what you want the house to look like and what you want to do."
Aside from their delight with their first experience of homeownership, the couple were also impressed with the service they got from the Bovis Homes team. Says Cristina: "When we went to enquire about this new development, we were lucky to get to talk to a very professional person, who arranged a meeting with the financial advisor for the next day, and was really helpful without being pushy, which really helped us decide on taking the step."
The selection of three-, four- and five-bedroom houses for sale at Chilton Dene start at £243,995. There are two show homes for prospective purchasers to view and the Bovis Homes team is on hand seven days a week, from 10.00am to 5.00pm to talk through the options and explain more about the NewBuy assistance scheme.