Landspeed Affordable Homes are bracing themselves for a surge of interest from first time buyers in East Cowes after introducing a new shared equity scheme for Island residents. It is aimed at helping those who are finding it difficult to raise larger deposits and make those all important first steps onto the property ladder.
The scheme, being constructed by Barratt David Wilson within their Hawthorn Meadows development, is offering 28 homes on the site close to the River Medina. Demand is expected to be high so first time buyers are being urged to contact Landspeed Affordable Homes Limited to secure one of the selected homes on the development.
Under this innovative shared equity scheme, buyers will own the full freehold interest of a new home from day one but pay just 75% of the market price with no rent payable on top. The other 25% cent will be secured as a second charge on the property and the buyer is under no obligation to ever pay this.
Three two bed flats (all with garages) are available and can be purchased for £105,000 (against a market value of £140,000). Two bed houses start at £115,000 and the three bed houses are available from £130,000. These homes can be secured with only a 5% deposit payable – making the scheme more affordable to those who think they can’t afford to buy – and shared equity mortgages are available at very competitive rates.
Cllr Roger Mazillius, Cabinet Member for Adult Social Care and Housing, said: “This scheme is an excellent opportunity for Island residents to get a foot on the property ladder and is particularly attractive to buyers who are finding it difficult to raise larger deposits. The provision of affordable homes for Island residents is a priority for this council and we will continue to work with bodies such as Landspeed and Barratt to achieve this.”
Ted Reddick, Director of Landspeed Affordable Homes, said “We are pleased to be able to work with the council to ensure that these properties are available to local residents on the Isle of Wight. Demand will be high so potential purchasers need to contact us as soon as possible to ensure they secure their new home.”
A full price list, site layout and development features can be found at www.islandhomefinder.org.uk or by contacting firstname.lastname@example.org