Innovative housing scheme gets Matthew and Jenny on the housing ladder

One of the biggest challengers for any young couple today is how to get on the first rung of the housing ladder. Banks are no longer as forthcoming with funds as they were a few years ago, the average first time buyer must be able to put down a deposit of at least 10% preferably more if they want to benefit from a competitive interest rate.

However thanks to a unique scheme that is been run in North Solihull, first time buyers Matthew Smith and his partner, Jenny Haines moved into their new Bellway home at Roseberry Court on May 12th.

“I had been living with my grandparents in Meriden and Jenny with her parents; we had both been saving up money to afford a deposit when we came across the North Solihull Opening Doors Scheme. Bellway’s  sales advisor, Jackie explained that all we needed to do was put down a 5% deposit and that the scheme would then add a maximum of £20,000 on a 10-year interest free basis towards our initial down payment. This meant that we have been able to benefit from paying a lower mortgage and being able to afford the home we wanted.”

Jenny a dental nurse and Matthew who works for Virgin Media bought a 3 bed mid terrace Ripley home and have both benefitted from paying a lower mortgage of £105,000.

Bellway Sales Director, Steve Rose commented: “For first time buyers this is an excellent scheme, the loan is interest free for the first 10 years and it means that a first time buyer can take out a smaller mortgage and benefit from lower monthly payments at exactly the time when first time buyers need a little extra help to get themselves established.”

Bellway have a range of homes available in North Solihull priced from £134,995 where buyers can take advantage of the Opening Doors Scheme. For more information please visit www.bellway.co.uk/special-offers for details.