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Some camped outside for days to be the first to secure one of the new-look houses at Chimney Pot Park.
Now, in its second phase of development with show homes just open, first-time buyers and local residents are being invited to be the first to view the new look homes before they go on general sale next month.
Currently, Urban Splash has made 91 of its Chimney Pot Park homes available under the new First Time Buyers’ Initiative and has sent an information leaflet explaining the scheme and how to apply to 2,000 residents in the surrounding areas of Langworthy and Seedly.
Residents have until Saturday to complete their application, after which they will be invited in to view the new show homes with an option to buy during a priority week, before the houses go on general sale.
Prices start at £130,000 and to be eligible for the first time buyer scheme you need to be able to secure a mortgage for at least half of that amount.
The remainder of the cost is then met by government assistance organised by English Partnerships.
Unlike existing shared ownership schemes, where you would buy part of a property and pay a rent, this scheme does not require any rental payment for the first three years.
After three years home-owners will start to pay a fee to English partnerships based on the contribution made.
Partnerships
They can also ‘staircase’ to repay English partnerships at any time.
When owners sell their home they will repay all of the assistance from a share of the total sale proceeds.
So if the assistance was a 25 per cent contribution, the repayment would be 25 per cent of the total value when sold.
The application process to assess eligibility to the scheme is being carried out by Plumlife.
Lisa Westerman, Sales Manager at Plumlife, says: “Many first-time buyers are really struggling to afford a property in the area they live in and this scheme is designed specifically to help them on to the property ladder. To be eligible for this FBI scheme, applicants must be first-time buyers and unable to buy a property outright.”
Urban Splash associate director, Nicola Wallis adds: “If you live in the Seedley and Langworthy area and are a first-time buyer, we want to make sure that you have priority to buy in Chimney Pot Park.
“We’ve had a lot of interest and have already received 300 applicants from local residents. To buy a house through the scheme it is important that you complete the application on Plumlife’s website.
“If you miss this Saturday’s deadline, don’t worry, you can still apply but you won’t be able to buy a house in the priority release.”
For more details visit www.chimneypotpark.co.uk More information on the First Time Buyers’ Initiative can be found in the HomeBuy Buyers’ Guide available from Plumlife. Visit www.plumlife.co.uk.
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