Thanks to Help to Buy, Milan and Chandni can move in after their wedding.
An expensive wedding often means delaying buying a home but one couple are going full steam ahead with both.
Weddings cost £18,000 on average and few couples can afford to buy soon after tying the knot. Milan Dave and his fiancée Chandni live with their respective parents and are getting married this summer but both were worried that rising prices meant they wouldn't be able to afford a home together.
It wasn't until Milan, a management consultant, discovered that Help to Buy was available at St Edward's Stanmore Place in Harrow that everything fell into place. The equity loan scheme allows first time buyers and movers who want to buy a new-build to borrow 20 per cent of the property's value from the government. The loans are interest free for the first three years; all borrowers need is a five per cent deposit and a 75 per cent mortgage.
The second phase of Help to Buy, the guarantee scheme, helps those struggling to raise a deposit. It allows buyers to purchase any resale home on the market with just a five per cent deposit but they must take out a repayment mortgage (interest-only is not allowed). It works the same way as a traditional mortgage, except the government guarantees a portion of the loan to an affiliated lender.
The 26-year-olds chose a new two-bed apartment. At the time of buying, apartments were on the market for £450,000 and - thanks to Help to Buy - they only needed put down five per cent. 'We found the arrangement really useful,' says Milan, `Chandni and I have some big commitments and Help to Buy eased the financial pressures while planning our special day.'
The couple were already familiar with this part of north London. 'I have a lot of family around the area,' explains Milan. 'It's a brilliant place to go out with friends and there are lots of great restaurants around.'
Their timing couldn't have been better, as they can move into their new apartment just six days after their big day in August. They can't wait to have lots of social gatherings in their marital home.
`What attracted us most was the size of the kitchen, dining and lounge area,' says Milan. 'We can see ourselves having friends over and the flat is very spacious.'
Stanmore Place's on-site amenities also appeal to the couple. Milan is excited about the gym, where you can hire personal trainers. 'I enjoy exercising, playing football and keeping fit,' he explains. 'Obviously the gym is a big attraction, it is well equipped and allows us to save on gym membership fees.'
The development has a business and innovation centre, too.