Names:
James & Charlotte
Ages:
36 & 32
Children:
2
Location:
Deeside, North Wales
History:
Renting for over 4 years
James and Charlotte Parry felt stuck. On a combined income of £85,000 they earned too much to qualify for affordable housing schemes (capped at £80,000 for couples), but with rising rent, two young children and a wedding to pay for, saving a deposit felt out of reach. When their landlord's family got in touch to say the house was being sold, they were given six months to find somewhere new.
Then, while scrolling Rightmove on their wedding trip in Cyprus, Charlotte spotted a three bedroom detached new-build in Deeside, valued at £275,000, being offered through HomeNow's rent to buy scheme. This is their story.
HomeNow: What led you to look at HomeNow rather than carrying on renting or trying to buy in the usual way?
James & Charlotte: “We fall into a middle category. We can't afford to put money down for a deposit and buy the house we want to raise our children in. But we also earn too much money to qualify for any housing schemes.”
Our household income of £85,000 was too much to qualify for an affordable housing scheme, which is capped at £80,000 for couples like us. We'd been renting a two-bedroom bungalow in Deeside for four years, and had made a third bedroom by converting the dining room for our two
children.
Our household income of £85,000 was too much to qualify for an affordable housing scheme, which is capped at £80,000 for couples like us. We'd been renting a two-bedroom bungalow in Deeside for four years, and had made a third bedroom by converting the dining room for our two
children.
HomeNow: You'd been settled in your rented home for four years. What changed?
James & Charlotte: In May our landlord's family got in touch to say she had died and that they'd have to sell the property. We had six months to find a new home.
“At that point, we really didn't know what that next step was going to be. Were we always going to be renting? Mair's ten now, and in her lifetime she's moved five times. It's not fair that she has to keep moving away from her friends.”
“At that point, we really didn't know what that next step was going to be. Were we always going to be renting? Mair's ten now, and in her lifetime she's moved five times. It's not fair that she has to keep moving away from her friends.”
HomeNow: Why was carrying on renting not an option?
James & Charlotte: For a decent family home we were facing rents in the region of £1,500 a month, which would have left us around £400 to save for a deposit.
At that rate it would have been another three and a half years before we could afford our own home, and even on a £1,500 budget we couldn't find anything suitable. Our rent had already risen by £200 a month over our time in the bungalow, reaching almost £1,000.
At that rate it would have been another three and a half years before we could afford our own home, and even on a £1,500 budget we couldn't find anything suitable. Our rent had already risen by £200 a month over our time in the bungalow, reaching almost £1,000.
HomeNow: How did you come across the home you're now in?
James & Charlotte: Our wedding in Cyprus was a welcome relief from the stress of having to move. Charlotte took to scrolling Rightmove for homes to buy rather than rent, hoping a fixerupper in our price range might come up. That's when she saw a three-bedroom detached newbuild in Deeside, valued at £275,000, being offered through a rent to buy scheme run by HomeNow.
We could move in straight away with no deposit and rent it for two years at a fixed rent of just over £1,700, with a rental refund worth five per cent of the property's value to use as a deposit
at the end. Without having to save for a deposit, £1,700 was affordable, so we arranged a viewing when we got home.
We could move in straight away with no deposit and rent it for two years at a fixed rent of just over £1,700, with a rental refund worth five per cent of the property's value to use as a deposit
at the end. Without having to save for a deposit, £1,700 was affordable, so we arranged a viewing when we got home.
HomeNow: You went to view it on your own first. Why was that?
James & Charlotte: “I didn't want Charlotte to fall in love with it and find out later down the line that we'd misunderstood the scheme and we couldn't have it.”
As it turned out, it was me who fell in love with the house when I walked in the door. “I loved the property itself, but it was more about what it would mean to us.”
As it turned out, it was me who fell in love with the house when I walked in the door. “I loved the property itself, but it was more about what it would mean to us.”
HomeNow: How does it feel now you've made the move?
James & Charlotte: “We finally felt like there was light at the end of the tunnel and we could move forward with our lives.” We moved in at the beginning of December and will buy the house after renting it for two years.
“We deserve this. We've worked so hard to get ourselves on the property ladder. It feels incredible.”
“We deserve this. We've worked so hard to get ourselves on the property ladder. It feels incredible.”