Teachers do the maths and find that, thanks to London Help to Buy, they can afford a four-bedroom ho
12 April 2018
Like many young couples, teachers Will O’Mahoney, 27, and Samantha Hester, 28, wanted to stop renting and buy a home of their own. Living in a two-bedroom apartment in Barnet, they had been saving hard for three years but struggled to find a new home that fitted the bill. This changed when they visited Lovell Homes’ The Electric Quarter, and found that, using London Help to Buy, they could afford a brand new four-bedroom townhouse.
Will and Samantha’s townhouse cost £499,995. London Help to Buy only requires a 5% deposit, but with their savings, money from teacher training grants, and a little help from their families, they could afford to pay a larger 10% deposit. The scheme also provides a government loan of up to 40% of the purchase price; Will and Samantha received a 22% loan of £109,989, which is interest free for the first five years, and took out a mortgage for the balance.
Will comments: “Our mortgage repayments are around £1,150 a month, which is less than the monthly rent on our much smaller apartment.”
The couple’s new home comes with a parking space and has 1,420 sq ft of space over three levels; on the ground floor, the main living/kitchen space opens on to the rear garden. There is further living space on the first floor and the bedrooms are on the first and second levels, together with a bathroom and shower room.
The four bedrooms give Will and Samantha plenty of flexible space to use as they choose. Samantha says: “We’re keeping one of the bedrooms for guests, another is an office and the third is for the future!”
Homes at The Electric Quarter are designed for energy efficiency, which keeps bills down and is an important consideration for homebuyers. Will adds: “We really like the environmentally friendly elements of our house. The heating is powered by a local incineration plant, which means there are no bulky heating systems in the house, and there are also solar panels on the roof. There’s even a run at the back of the garden for hedgehogs, which shows the careful thought that’s gone into our home.”
There’s a great choice of travel connections from The Electric Quarter. To reach central London, it’s just 13 minutes on the Victoria Line from Seven Sisters underground station, 4.5 miles away. The Electric Quarter is set to become a thriving new neighbourhood in North London and, when complete in 2019, will offer new community facilities including shops, a library and nursery, set in mature landscaping with pretty tree-lined avenues.
You can watch Will and Samantha’s full Lovell story here.