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FOR some people, owning their own home seems an impossible dream. If you’re in rented accommodation and paying all the bills associated with living independently, there doesn’t seem to be enough left to save for a deposit.
From Monday, November 19, a North East organisation is making it easier for people in rented accommodation to save towards buying their own property.
m!ne has launched a Rent to Buy scheme that offers brand-new, NHBC-warrantied houses on a reduced rent to enable residents to save for a deposit, with the option to buy the house after five-years’ occupancy.
Kate Abson, m!ne Head of Development, said: “The property market has never been so turbulent and we understand the struggle some people face in securing their first home. m!ne’s Rent to Buy developments offer the perfect solution to help homeseekers make that first step on to the property ladder.”
Rent to Buy is an Affordable Homes scheme introduced by the Government in 2014, following the success of their Help to Buy initiative, both designed to help people to get a foot on the property ladder. It allows working households to live in a new house at a reduced rent, while also providing them with the opportunity to save for a deposit in order to purchase their first home at a later date.
There are only two conditions that apply to potential purchasers:
- They must be in paid employment
- They can’t have owned a property previously (with the exception of where a couple may have separated)
m!ne is currently developing 52 new, three-bedroom houses in Bowburn, Seaham and Peterlee, ready for occupancy in mid-2019, with other schemes to follow soon.
Potential buyers will be able to view site plans, along with a 3D visual representation of the properties, in the New Year.
The homes will be offered for rent at 80 per cent of the market rate, allowing occupants the chance to save towards a deposit, with the opportunity to purchase the property after five-years’ occupancy.
Interested parties can get more information from the website, www.noplacelikemine.co.uk, or telephone the dedicated phoneline: 0300 303 5358
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