Our aim was always to try and buy a house before our Wedding (fairly ambitiously!) but with a small deposit and difficult times of mortgages, we couldn't see a light at the end of the tunnel...
In the March Budget of 2011, the Governement announced a new scheme to First Time Buyers - supposedly people like us, who have a small deposit, but not enough to get a full mortgage agreed. We were excited to hear this and sat tight until further details came through.
With some researching and enquiring, I found out in July that a new development less than 5 minutes from our current flat was to have only two 3 bed townhouses available on the scheme. We completed all of the necessary paperwork, had a meeting with a financial advisor, and were told we were suitable applicants. So we went to look at the show home. We fell in love with it. We got excited. A month or so later, we were told that the figures previously given to us for the house were wrong - the purchase price was in fact £40k more than original thought. That's ok though - Orbit (who are sorting the Governement Funding) had a look at our finances, and decided for us that it was still affordable to us. They didn't and would not understand that we needed money for solicitors fees, furniture, etc etc... Their response 'don't you have any family that can lend you a few thousand' - errr no! That's why we are applying to this scheme?!?!? Our hopes were shattered. They then proceeded to tell us, that if we went for a lower priced house, that would be TOO affordable for us, and they wouldn't lend us the money. In Matt's words: to make use of the government scheme, you need to be in debt, and 'fix' the amount of money you do have.
We gave up looking.
Until.... Friday 2nd September, whilst browsing on the internet (again...) I came accross another new site, this time in Stowmarket. Not ideal, but only 20 minutes away. My Mum was due to come across for the day on the Saturday, so for something to do, I suggested we have a drive over there to have a look and then go for some lunch.
Little did I know what was to happen next....
Saturday 3rd September: we spoke to the onsite sales office, had a look around a townhouse, discussed finances, then she told us about a 3bed 'Finston' detached house that was also available soon, and about the Bovis 'Jumpstart' Scheme which is open to anybody with a small deposit.... and didnt involve the Government (key point here!)
We went for lunch.
Matt spent the afternoon on the phone to another Financial Advisor, had another Mortgage Agreement in Principle agreed.
Sunday 4th September: We went back to Stowmarket with a cheque in hand, signed, sealed & delivered.... Next thing we know, we're are chosing kitchen & bathroom tiles and flooring!
Bish, Bash, Bosh.. just like that!!
Good things come to those who wait: