Housebuilder helps first-time buyers get a foot on the property ladder
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Housebuilder Charles Church has struck a deal with Yorkshire Housing for the properties at their Harlow Hill Grange development.
The apartments, made available through shared ownership and rent-to-buy schemes, provide an opportunity for those new to the open market to take the first step towards owning their own home.
For first-time buyers, shared ownership is a helpful option to get on the property ladder by purchasing a property in partnership with organisations like Yorkshire Housing.
Using the shared ownership method, private buyers own between 10% and 75% of their home, with a partnering housing association owning the other portion.
The buyer’s share is usually covered by a mortgage, with the buyer paying rent on the remaining part. They can buy more shares in their home from the housing association until they own 100% of the privately owned property.
Rent to buy allows potential buyers to rent a home for up to five years with a 20% discount on their rent so they can save for a deposit. After five years, they have the option to buy the home.
This initiative to help private first-time buyers is in addition to the 50 homes being transferred by Charles Church to housing associations on Harlow Hill more widely for social rent and discounted sale.
Joel Frank, Land Director for Charles Church Yorkshire, said: “It’s fantastic to have worked with Yorkshire Housing to help more first-time buyers to get onto the property ladder in Harrogate.
“We’re proud of our record in supporting local first-time buyers, families and young people to buy their own homes. Shared ownership provides another helpful way for young and first-time buyers to buy their first home.”
Kathryn Gare, Head of Acquisitions, Yorkshire Housing, commented:“We’re extremely proud to play a pivotal role in the delivery of these homes in Harrogate as we know there’s a lack of affordable homes in the area.
“We’re committed to delivering 8,000 new homes across Yorkshire and this development will help us towards that ambitious aim whilst providing quality homes where people and families can thrive.”