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If you would like to own your own home but cannot quite afford it, or you are a first time buyer, low cost home ownership may be of interest to you.
We are involved with an affordable housing scheme on Dunnock Lane, Cottam. This is a reduced cost home ownership development, which is designed to assist people (especially first time buyers) in purchasing their own property at a price of 20% below the current market value.
This condition is fixed for a 35-year period. Therefore, should the owner wish to move house in the future, they would be required to sell the property at 20% below its current market value. In addition, anyone that wishes to buy a property must be eligible to participate in the scheme by complying with the income restrictions applied to the agreement.
Anyone interested in purchasing a property via this scheme must approach this in the usual way by contacting the estate agents that are dealing with the sale of individual properties.
For more information contact John Taylor (Affordable Housing Officer) 01772 906529.
There are two Government backed Help to Buy schemes:
Available for home owners or first time buyers wishing to purchase a new build home up to the value of £600,000.
The Government loan can be up to 20% of the value of the property, which means if you pay a 5% cash deposit, you will only need to borrow 75% of the value from a mortgage lender. You won't have to pay loan fees for the first five years of owning your home.
The loan is repaid as a percentage, once the property is sold. Therefore, if you borrow 20% of the value of the property, you will repay 20% of the sale value.
For more information on eligibility and how to apply please visit the Help to Buy website - Equity Loans.
This scheme encourages lenders to offer borrowers higher loan to value mortgages. The Government offers lenders the option to purchase a guarantee on mortgage loans. The mortgage would work in the same way as an ordinary mortgage. If you borrow 95% of the property value and pay a 5% cash deposit, you will have to repay a 95% mortgage.
The Mortgage Guarantee scheme can be used to purchase new build or existing homes.
For more information on eligibility and how to apply please visit the Help to Buy website - Mortgage Guarantee.
If you require help with something in this section, please contact us.