The Government-backed NewBuy mortgage has offered two keen travellers the route to home ownership much earlier than they could ever have hoped thanks to needing just a 5% deposit.
And that means Daniel Ostheimer and Katie Christodoulides are avoiding wasting thousands of pounds in dead rent money as they settle into life under their own roof in Callicroft Place at Bovis Homes' Charlton Hayes development near Filton with a mortgage from Santander.
"NewBuy offered us the opportunity to get on the property ladder much earlier than we expected using that 5% deposit requirement," said Daniel, an aeronautical engineer with an aerospace company. "We first learned about NewBuy when we visited the Bovis Homes sales office at Charlton Hayes to have some initial fact-finding discussions on buying a new-build house.
"The sales advisor Julie sat down with us and we talked through the various options that were available to us, including the NewBuy scheme."
The couple, who enjoy taking city breaks across Europe and have recently been to Modena, Barcelona and Munich, then embarked on one of the most important journeys of their lives - buying their first home.
Daniel and Katie went on to discuss NewBuy in further detail with an independent financial advisor, who referred them to Santander's NewBuy mortgage range, and they realised it was just the homebuying solution for them. Daniel said: "We carefully planned out what we would be able to pay, both in terms of mortgage repayments as well as all other associated costs and affordability is not an area of concern."
So two months on from first stepping into the Charlton Hayes sales office, the 27-year-olds are now enjoying life in their three-bed Portman town house in South Gloucestershire's newest community thanks to NewBuy. The mortgage was launched by the Government earlier this year and is backed by leading lenders such as Santander, Halifax, Barclays (Woolwich), Nationwide Building Society and RBS (NatWest).
"Buying and owning our own place has given us a great feeling of satisfaction," said Katie, a town planning officer. "It is great to know that we own our own accommodation, and we're going to enjoy making our new house a home by personalising it."
Bovis Homes Group Marketing Director Kevin Wilkins said: "Daniel and Katie join a growing number of customers who are starting new lives in a brand new Bovis Home thanks to NewBuy. The low-deposit requirement is really opening up the market and we wish them all the best as they settle in - and we'll continue to support them through our customer care team."
Phil Cliff, Director of Santander Mortgages, Santander added: "We are delighted to help Daniel and Katie get on the housing ladder. Our competitive rates coupled with low upfront fees make our NewBuy mortgage range some of the best value products around, available exclusively via the intermediary market."
The one good thing about their previous rented lifestyle was that it gave them the opportunity to 'test drive' a Bovis Home before moving in.
Daniel said: "I was renting one of the properties at Charlton Hayes so knew about the area and the quality of housing. From this experience we knew that if the right property at the right price was available then we would be happy with what we were getting.
"Throughout the whole process we have received fantastic support from all the members of the sales office and site team - we cannot thank them enough.
"Our mortgage advisor, Marc Everitt at Financial Advisory Services, and solicitor, Carolynn Coleman at Foot Anstey, were both recommended by the sales team and their understanding of processes, people and timings meant we were able to get the keys and moved into our new property as soon as possible.
"The 'welcome pack' of tea, coffee and cups was greatly appreciated on the day of moving, and the bottle of Champagne in the fridge was a fantastic welcome!"
Even though they are settling into a new home, Daniel and Katie still have the travelling bug and are currently planning some winter trips to take in the Christmas markets around Europe's big cities.
More information on Bovis Homes developments, NewBuy and other purchase assistance packages can be found at www.bovishomes.co.uk