Scheme helps open up home ownership
Campaign: 20 June 2007
First time buyers in Caerphilly will have a helping hand onto the first rung of the property ladder with a special scheme set up in the town.
Fairlake Properties, part of the Seren Group, is working in partnership with Caerphilly County Borough Council to develop ten new properties with local contractors, Pendragon Design and Build, at Roman Way, Glyngaer in Gelligaer.
Hous prices in Caerphilly average £129,199, but the new two-bedroom starter homes range from £84,700 to £88,200 with an approximate mortgage payment of £480 a month.
It is hoped this will provide first-time buyers with an affordable rout into home ownership via the council's assisted home purchase scheme.
The initiative requires 70 per cent of the equity share of the house price to be raised by the prospective buyer, the remaining cost 30 per cent is covered by a homebuy loan via Fairlake, carrying no rental repayments and payable on sale of the property.
Rebecca Williams originally from Penpedairheol is the first person to sign for a house on the development.
Burdened with graduate loan repayments after studying for a degree and a PhD, the 28-year old Cardiff University research scientist felt the property owning dream was far out of her reach.
Rebecca moved back home to live with her parents almost two years ago to start saving.
She said: “I've worked for over three years now and although I earn a decent wage, I could never afford to make the mortgage repayments and pay off monthly bills with current house prices so high especially as I'm looking to buy along.
“The only option was to move back home and save some money. It seemed like a big sacrifice as I enjoyed my independence, but there was no other option for me.”
Rebecca explored several options before eventually contacting Fairlake after a friend told her about the Homebuy scheme.
She added: “I had previously looked into mortgages and loan options but there wasn't an affordable solution.
“I bumped into an old friend who mentioned that an acquaintance of hers had managed to buy his own place through Fairlake and the council's affordable home ownership scheme, so I started making enquiries.”
Rebecca contacted Fairlake last Christmas and within two weeks received the initial application form.
Five months on, she signed the contract and can't wait to move into her new home this September.
Rebecca said: “I still can't believe that I've actually bought my own place – it's still sinking in.
“It was pure luck that I found out about the scheme and I hope that more people will read my story and realise that affordable solutions do exist.”
This year, Fairake Properties has set a target of working with the council and house builders to develop 50 affordable homes in the Caerphilly area.
Pam Robson, Fairlake sales and property manager said: “Continuing rises in house prices have resulted in a large proportion of prospective purchases experiencing great difficulty in buying their first home.
“Home ownership schemes like Homebuy can go a long way in bridging the gap. We want to reach out to those people who are not actively house hunting because they wrongly believe they can't afford to – it's a real option as Rebecca's case shows.”
|
