Budget 2021 Leeds: How 95% mortgage could help young entrepreneurial family get on ladder
An entrepreneurial family are excited at having a better chance of owning their own home after Chancellor Rishi Sunak announced a 95% mortgage initiative in Wednesday's budget.
Dale Spink, 25 and his fiancee Elkie Kilbride, 26, are currently renting while attempting to save money on the side from a booming meal preparation business.
Dale has worked hard for the last 12 years to build a hugely successful personal business combining D's Meal Prep and Le Voyage Dining Experience, with hundreds of Leeds residents as customers.
He recently announced his first venture into the restaurant trade - with the launch of Brontae's set to open in Horsforth, named after his daughter.
On Wednesday, the Chancellor announced a 'mortgage guarantee' - with lenders who provide mortgages to homebuyers who can only afford a 5% deposit benefitting from a Government guarantee on those mortgages.
An additional 300,000 transactions in England could benefit by the end of June from the stamp duty extension announced in the Budget, according to estimates.
Within minutes of the extension being announced, there were signs of house hunters rushing to see the properties available online, the Press Association reported.
Dale, speaking to the Yorkshire Evening Post on Wednesday afternoon immediately after the budget, said he was delighted to be given further hope of getting on the property ladder sooner rather than later.
He said money has 'been tight' during the Covid pandemic but the announcement would help with his family's 'next big step'.
Dale said: "We started renting our home when my fiancee fell pregnant.
"We are hopefully saving money each month depending on how much money we make on the business side of things.
"But hopefully [following the announcement] we will be able to save more money now.
"This is the next big step in our lives as we really want our own property."
The Chancellor said coronavirus has caused one of the “largest, most comprehensive and sustained economic shocks this country has ever faced”.
A new restart grant will start in April to help businesses reopen, with £5 billion of funding available.
With the prospect of opening his new restaurant in May, Dale said he would 'look into' how the grant could work for him.
However, he has not been able to benefit from tax holidays on business rates with his meal preparation company which he said does not meet the criteria.
Dale said he has also struggled to open a business account in the past year during the pandemic.
He added: "We struggled to get a business acount open because of Covid and the bounceback loan scheme scams.
"We have only just been able to open a bank account which is crazy.
"Money is tight now and materials have gone up so we might need to get a restart grant to help us.
Dale said the pandemic affected his business by almost 80 per cent in the past 12 months since the first lockdown.
He has pivoted to offer more home deliveries which has proved popular with many customers - including Tom Zanetti and Gaz from Geordie Shore.
On apprenticeships, the Chancellor said the Government is to double the incentive payments given to businesses to £3,000 for all new hires, of any age.
Dale was particularly impressed with the announcement, having had his first experience as a chef through an apprentice program.
He said he would look to utilise the scheme in his new restaurant.
Dale added: "I would love to employ apprentices and teach them.
"That is how I started and I think it would be great to give back to people/
"We will definitely have a look down that route, as long as they are passionate and willing to learn I will teach them any hour of the day."
A planned duty on fuel was also scrapped by the Chancellor.
Dale said this would help with his meal prep business due to the huge amount of miles covered during deliveries.
Dale is set to open his new restaurant on May 17, he told the Yorkshire Evening Post.
He said his family would benefit from the budget announced on Wednesday and was pleased to see the mortgage initiative announced.