May 17 2007
For many young people the thought of home ownership is something they can only dream about, that is unless you live in North Hykeham in Lincoln. For here aspiring home purchasers’ are being offered a chance to get on the housing ladder at a new Bellway development on Newark Road. Named the Mansiones, Bellway is building a range of properties including 13 two-bedroom terraced and semi-detached homes where it has introduced its Housing Trust Homebuy scheme.
Director of affordable housing at Bellway, Colin Blakey, explains:
“Bellway Housing Trust is a new subsidiary of Bellway plc and has been created to provide first time buyers and those on moderate incomes with a vital step on to the housing ladder. Our Homebuy scheme is a shared equity product allowing you to purchase a minimum 50% share with a conventional mortgage. The Bellway Housing Trust will provide an interest free equity loan to cover the remaining 50% cost of the property for which you will pay a subsidised rent. The scheme is flexible allowing you to increase your share of ownership at any time, at which point the amount of rent you pay will decrease. If you are able to staircase to full ownership the rent you pay will cease.”
A two-bed detached home at North Hykenham starts from £116,500, under the Homebuy scheme a first time buyer would take out a mortgage for £58,250 costing £359.10 per month and pay a rent of £121.35 per month making a total monthly outlay of £480.45. This compares favourably with the cost of a full mortgage of £116,500 with monthly payments of £682.29 resulting in a saving £201.84 per month.
Bellway intends to introduce its Housing Trust to more developments across the country; currently it is operating in Cardiff at Prospect Place, Bishops Keep in Farnham, Surrey and Ambleside Court, Birtley, in Durham.