Great Places, the not for profit housing group, has launched an exciting new home ownership scheme that will allow existing residents to buy the home they currently rent.
With property prices soaring, coupled with the massive deposits required by mortgage lenders, many people who want to buy can never afford to do so. This new scheme offered gives residents a chance of finding the modern day holy grail - owning their own home.
The scheme offers three buying options including: Outright Sale, where traditionally the buyer would purchase a high street mortgage which now includes the Government’s recent mortgage guarantee scheme (The Help to Buy mortgage guarantee scheme means residents could access mortgages with only a 5% deposit). Shared Ownership, the popular scheme which allows residents to buy a share of their home and pay a small rent to Great Places, and Shared Equity, which gives residents the chance to borrow a percentage of the total value or “equity” of their home.
To qualify for the scheme, there are several criteria that both the resident and the property need to meet.
Matthew Harrison, chief executive of Great Places Housing Group, said: “It’s a tough time out there for our residents, especially with the benefit changes that kicked in last April. Many of our residents, like everyone else, yearn to have a place they can call their own. That’s why our new voluntary homebuyer scheme is such a fantastic opportunity for them to take steps to make this dream a reality.”
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