Affordable options for first time buyers

Published: Friday 24th September 10

Hundreds of first-time buyers and key workers are expected to attend a special housing event at the town hall next month where they can find out more about buying an affordable home in Wandsworth.

The affordable housing open day will be held at the civic suite in Wandsworth High Street on Thursday, October 7, from 2pm to 8pm.

It will give people the chance to find out about a range of different home ownership schemes available to first time buyers, key workers and council tenants in Wandsworth.

In addition there will be local housing associations, independent financial advisors and solicitors also on hand to provide one-to-one advice on mortgages and the buying process

One of the most popular purchase schemes available to households with an income of less than £60,000 is the Shared Ownership Nomination Scheme (SONS), also known as New Build Homebuy.

Successful applicants can buy a share of between a quarter and 75 per cent of a home and then pay a reduced rent on the remainder. They can increase their stake in the property later if the choice suits them and reduce their rent even further, until eventually they own the property outright.

Some properties are also available on an intermediate rent basis. This means buyers pay less than 80 per cent of the market rent, enabling them to save up for a deposit so they can buy the property in the future.

Meanwhile council tenants are eligible to buy their home under a range of schemes including SONS, Right To Buy, Social Homebuy and using House Purchase Grants.

Cabinet member for housing Cllr Guy Senior said: "Last year almost a thousand people attended a similar open day and many were inspired by the dream of owning their own home.

"People like living in Wandsworth and want to be able to call their home their own. Demand for property is high because of the borough's excellent transport connections, schools, shops, restaurants, parks and open spaces, combined with the UK's lowest council tax.

"If you are on a modest income and want to find out ways in which the council and other agencies can help you own your own home, then I would urge you to attend this special open day."

Many of the new homes being built in the borough can be purchased on shared ownership terms by key workers and local first-time buyers registered with the council.

The Home Ownership Team, which has organised the affordable housing day, manages a list of eligible applicants of first-time buyers who live in Wandsworth and key workers who work in the borough.

For more information about the event or to learn more about home buying opportunities in Wandsworth, contact the Home Ownership Team on (020) 8871 6016 or visit www.wandsworth.gov.uk/homeownership

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