Nathalie flies the nest
“I just thought it was the right time,” she says. “I needed some space, and I wanted to try and get on the property ladder.”
Nathalie has friends who qualified as key workers, so she knew there were schemes for people in those jobs to get a foot on the property ladder. But Nathalie isn’t a key worker herself – she works as a venues coordinator for the exam board, Edexcel. Her income wasn’t enough to buy a place on her own, and she initially thought there was no help available for someone in her situation.
“I have friends in nursing or with the police, but what about people like me who also need help?” she asks.
Friends and family told Nathalie about various schemes and she investigated all of them. “Most of what I found was part buy, part rent,” she says. “But then I heard about MHO and the Homebuy scheme. I filled in an application form for MHO, and it turned out I was suitable for Homebuy.”
Homebuy is a Government backed scheme available mainly to council/Housing Association tenants, or those on high priority waiting list. Eligible applicants for Homebuy help have their affordability levels established and can then buy a home of their choice on the open market anywhere in England with the help of a 25% equity loan.
“I went in for an informal chat first, which took about 45 minutes,” says Nathalie. “I just had to bring my passport and some other documents, like payslips. It was very relaxed, not at all stressful.”
Nathalie got the go-ahead for the Homebuy loan. Her budget was around £100,000, of which a quarter would be the loan, with the rest made up of her own mortgage, based on her income.
“I first started looking around Tottenham, but it was quite expensive and I ended up finding a place in Essex. It’s a one-bedroom ex-council property on the first floor. It’s spacious for a one-bed flat, and it has a balcony with nice views.”
The flat was on the market for £99,500, but Nathalie bought it for £97,500. Her mortgage was £73,125, and the Homebuy loan was £24,375.
“It was a very smooth process with MHO,” says Nathalie. “Nothing was too much trouble. It was helpful that they would do things like chase solicitors, and explain things to me that I didn’t understand. As a first-time buyer, I really appreciated that.”
Nathalie got the keys on April 6, two weeks after exchanging, and she spent the first few weeks redecorating and buying furniture. She says she’s delighted to have a place of her own at last, and is loving the process of kitting it out.
“Fortunately it’s not taking too long, because it’s a one-bed flat,” she says. “But I’ve got a lot of flat-pack furniture to unpack – Ikea must be getting sick of me by now!”
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- Nathalie flies the nest