Foreign Property News | Posted by Hnin Ei Khin
A DEVELOPER is flogging 100 homes for just £1 in a new help-to-buy scheme.
My Generation Group Ltd has launched the Help to Own scheme, where 100 properties in a new Wolverhampton complex could go under the hammer for a pound.
(A newbuild property could be yours for £1 under the Help to Own schemeCredit: SnapperSK)
Under the scheme, a portion of tenants' monthly rent payments goes towards a Loyalty Premium, allowing them to buy their homes for £1 after 25 years.
If they leave within 20 years, their Loyalty Premium gets paid out in cash.
WV Living, a developer established by Wolverhampton Council, has made three and four-bed properties available under the Help to Own scheme.
The Marches Estate, its new £34 million residential complex, includes 100 homes up for grabs through the loyalty-premium system.
More than 250 homes are also available under a help-to-buy scheme.
My Generation Ltd said: "Help to Own lets you rent a quality new-build home for the long-term.
"As you make your monthly payments you build up a Loyalty Premium, which you can take as cash if you leave the scheme within 20 years.
"On your 25th anniversary you can buy your home for £1." The scheme was established specifically for people and families struggling to save a deposit to fulfil their dream of owning their own home.
It is also aimed at helping key workers get on the ladder with around four in 10 of the homes available being reserved specifically for key workers.
Andy Street, the West Midlands mayor, said: "This makes home ownership more accessible to people and that has got to be a good thing.
"Here, it is about local people, key workers moving into these new elegant homes and actually being able to, in time, own them. "I think this scheme is needed more.
"People perhaps starting off in jobs will find it really hard to get on the housing ladder, and that gets more difficult as prices go up.
"This makes it more accessible. It is a good scheme, and I hope we can have more."
(A kitchen in one of the properties at The Marches in WolverhamptonCredit: SnapperSK)
(You can buy your home on the 25th anniversary of first moving inCredit: SnapperSK)
(Andy Street, the West Midlands mayor, said the scheme should be expanded nationwideCredit: SnapperSK)
Ref: HOUSE ABOUT IT We’re flogging 100 homes for just £1 – here’s how you can cash in (thesun)
