New housing share scheme for key workers - RG12 9TU
WANNABE homeowners in Bracknell struggling to get a foot on the property ladder are to receive a massive boost from the Government.
The town is one of six in the South East chosen as the first in the country for a new affordable ''Eco Friendly'' housing scheme.
The First Time Buyers Initiative enables first time buyers to own 50 per cent of the price of a new home with the state making up the remainder. getbracknell.co.uk
How it works: ''A deposit of 10% of the 50% value and a mortgage of 50% of the house price is required. They will only be responsible for their mortgage payments for the first three years, after that period they will pay Mortgage repayments and additional rental charges based on the equity they don’t own to the managing Housing Association.. Repairs and maintenance cost are the responsibility of the purchaser. If the property is sold at a later date the purchaser receives 50% of the sale price. Further shares can be purchased at any time, at the current market value, up to the full 100%.
The Governments finest idea and incentive, which has already helped 40,000 families, couples and Single people in pilot schemes throughout the country since 1999.. generates new affordable housing in areas where accommodation demand far outstrips supply. The big difference with this scheme is that no rent is payable for the first 3 years. Bracknell, Britain's Silicon Valley, where all the leading computer and technology companies have offices, is a beautiful part of the country. Amongst other things its known for having the best kept roundabouts in the UK, excellent sporting and leisure facilities and a monthly Technology & Computer fair.''. .LiamssoftPlease continue reading getbracknell.co.uk article.