Anna and Dan's mortgage story
Many first time buyers looking to get on the property ladder need a helping hand, and Anna Lindblad and Dan Howell were no different.
The couple recently moved into a detached home in Matlock, using a 25% deposit made up of savings they had built up in Help To Buy: ISAs, twinned with a Help To Buy scheme loan. Product Manager Anna and boyfriend Dan’s story will resonate with other first time buyers looking to achieve similar.
Anna, 29, said: “Unless you are lucky enough to call in help from the ‘bank of mum and dad’ for a house deposit, it is hard work to save up enough to take that first step on the ladder - or at least it can take a long time. We would use mortgage calculators all the time and see we could definitely afford the repayments, it was just the deposit which was more of a challenge which is why, the Help to Buy: ISAs Dan and I had were vital.
“It’s great there are Government backed accounts that give bonuses to savers like the Help to Buy: ISA and Lifetime ISA. Thanks to that and the Help to Buy scheme loan, we managed to end up with a bigger deposit than we originally thought possible which we think helped us to get a better mortgage.
“We certainly had lots of really great options presented to us once we gave all the information to our mortgage adviser. Everything was explained to us clearly during our video call with Nottingham Mortgage Services, following a visit to The Nottingham’s branch in Matlock to inquire about mortgages.
“The mortgage advice was just what we needed. We talked about our situation, what we wanted to achieve and Nottingham Mortgage Services did the rest. I’m so glad we did otherwise I’m certain we would not be in the home we are in now.”
Anna and 26-year-old Dan, a Radiation Technology Manager, were also impressed with the service. “It was really helpful being able to speak to someone directly to discuss our mortgage options and ask all the questions we had as it’s such a big life decision. We began to get a much better understanding of what we would be able to afford which helped us focus our house search, and we were also more aware of the opportunities that Help To Buy gave us. From the outset our experience with Nottingham Mortgage Services was excellent. Our adviser was very supportive, even after the mortgage itself was completed.
“We would definitely recommend starting your mortgage search here like we did because they are friendly, knowledgeable and patient which is just what you need, as being a first-time buyer can be stressful and overwhelming.”
With Government bonuses of 25% available, if you’re considering a Help to Buy: ISA, you might want to check out the Lifetime ISA too – we’ve compared the products so you can see which one is right to support saving for your first home as both accounts have different features.
Your home may be repossessed if you do not keep up your mortgage repayments.
Whole of market mortgage advice is provided by Nottingham Mortgage Services Ltd (NMS); an appointed representative of Intrinsic Mortgage Planning Ltd, which is authorised and regulated by the Financial Conduct Authority; registered No. 440718. NMS is a wholly owned subsidiary of Nottingham Building Society and registered in England and Wales, No. 03089887; Nottingham House, 3 Fulforth Street, Nottingham NG1 3DL.
*If you are eligible, you can claim a bonus of 25% of your closing balance, subject to a maximum bonus payment of £3,000. This must be claimed by the conveyancer that deals with the purchase of your property. In order to qualify for a bonus the closing balance must be at least £1,600. Click here for full terms and conditions.
**The 25% bonus is provided by the Government. The Lifetime ISA can be opened by customers aged between 18 and 39 years of age that reside in the UK to either save for their first house purchase or their retirement. The product has a 20-25% charge associated with any withdrawals that are not an eligible life event (first house, aged over 60, terminal illness and deceased). Investors can pay in up to £4k per tax year into their Lifetime ISA and the government will pay a 25% bonus on a monthly basis from 6th April 2018. Customers cannot pay into their Lifetime ISA from the age of 50+ or earn the 25% bonus. If you save in a Lifetime ISA instead of enrolling or contributing to a pension scheme, you may lose valuable employer contributions. Entitlement to any means tested benefits may be affected. The 20-25% withdrawal charge is on everything (deposits made, bonus and interest). Any other withdrawals made from your Lifetime ISA between now and Monday 5th April 2021 will incur a 20% Government withdrawal charge. After Monday 5th April 2021 you'll be charged 25% which means you could get back less than you paid in. Click here for full terms and conditions.
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