- Two buyers, including a young couple, are now officially homeowners thanks to Fairview New Homes’ Save to Buy scheme.
- After moving into the property in June through Save to Buy, Eleonora, 32 and Stanley, 28 officially completed and became homeowners in November.
- Every penny of the couple’s £1,590 monthly payments pre-completion went towards saving for their deposit.
Fairview New Homes has seen the first buyers to use its game-changing Save to Buy scheme officially complete at its Epping Gate development in Essex, whilst two others have exchanged
Launched in January 2023, Save to Buy enables first-time buyers to move in with a minimum 1% deposit and make fixed monthly payments that go entirely towards saving for their final deposit, all while living in their new home.
In June, first-time buyers Eleonora, a 32, and Stan, 28, moved into their one-bedroom apartment, costing £339,000, after successfully applying for the scheme with just a 2.65% deposit and in November, the couple officially completed and became homeowners for the first time.
Eleonora said: “It’s crazy – at the start of the year, our dream of owning our own home seemed so far away. We always felt certain that this moment would come as everything was so considered at the start of the process. Everything was handled in such a precise and accurate way by everyone involved, that we never doubted for a second, we would officially complete. It feels so good to officially be homeowners.”
Despite the turbulence of the mortgage market over the last six months and beyond, the young couple were able to secure a deal that sees their monthly payments rise just marginally and that was only slightly different to the one they agreed in principle in June.
“We have a five-year fixed interest rate of 5.8% for a term of 37 years, which leaves us with repayments of £1,763 a month. So, it’s a little higher than the £1,590 we were paying whilst we were saving for the deposit, but it’s the best deal we could get and the money is going towards our home and future.
“We’ve seen similar properties to ours on the rental market and the costs are pretty much the same as our mortgage repayments, if not higher.”
According to Hampton’s Rental market forecast, rent is expected to rise by 25% over the next four years, more than four times the pace of house price growth. The state of the rental market was a key factor in Eleonora and Stan’s decision to make the step onto the property ladder as soon as they could.
Eleonora said: “Now we’re here, I could never imagine going back to renting. Our monthly repayments are fixed for five years and it looks like the rental market is only going to become more expensive. It’s so nice knowing someone isn’t going to raise our rent or ask for the property back!
“Since moving in, we’ve been saving money with our energy bills because it’s a brand-new property. We also don’t expect to have to pay for many repairs or maintenance in the next few years as everything is brand new.
“Even if we do decide to a buy another property at some point, we can either sell this or ideally rent it out and then we have an asset for our family in the future.”
The housing market continues to be a challenging place for first-time buyers. Despite a decrease in recent months, average five-year fixed mortgage rates remain over 5%, whilst house prices have only seen a marginal year on year drop of 1.2%. This places the onus on developers to provide support to the first-time buyer market.
Chris Hood, Sales and Marketing Director at Fairview, said: “One of our primary commitments has always been and remains to be helping first-time buyers onto the property ladder however we can. They need the support of developers now more than ever and Save to Buy continues to be one of our key methods of support.
“We are also doing our best to educate first-time buyers on what’s available to them. We’ve had a number of people come through the door asking about Save to Buy, but after conversations with our sales team they realise they could get onto the ladder quicker. Be that through using our partners at Experian or Torc24 to inform them onto how to get mortgage ready, or shedding light on other schemes like Deposit Unlock.
“We’re looking forward to the year ahead with five new developments set to launch, and have some exciting news coming in the New Year regarding Save to Buy.”
Hear directly from Eleonora and Stan here.
For more information on the Save To Buy scheme, visit Fairview’s website.
-Ends-
Notes to Editors:
For further comment and interviews with Chris Hood or Eleonora D’Aietti, please contact Rooster who will help facilitate you request.
For further press information, please contact:
Samantha Dymond | Dylan Smart | Olivia Hazelden-Kingdon
Rooster.
T: +44 (0)203 440 8934
E: [email protected]
About Fairview New Homes
Fairview New Homes has built homes in and around London for over 60 years. Known for its ability to build good value homes in undiscovered spots of London, Fairview benefits from utilising its own contractors to keep costs down and guarantee a more reliable turnaround from reservation to picking up the keys.
Fairview prides itself on helping first-time buyers get on the property ladder and builds affordable homes which are perfect for those looking to take their first step into home ownership. The Save to Buy scheme is just the latest way it’s helping first-time buyers.
For information on Fairview New Homes, visit: www.fairview.co.uk
Facebook: www.facebook.com/FairviewNewHomes
Instagram: www.instagram.com/fairviewnewhomes
