£9m for Dales affordable housing

06-Apr-2006

Aspiring homeowners in Derbyshire are to get a major boost with the investment of £9.2 million in Affordable housing projects in the region.

The Dales area has been awarded the money from the Housing Corporation and is the highest grant that the area has ever received, while additional funding from housing associations and the district council will provide for a major affordable housing scheme.

It is envisaged that the money will be spent on developing over 200 new homes in Matlock, Wirksworth and Baslow, among other areas, to provide aspiring first time buyers the opportunity to get a foot on the first rung of the property ladder.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

Chairman of Derbyshire Dales District Council's partnership and regeneration committee, councillor Alan Hodkinson told the Matlock Mercury: "Affordable housing is the district council's top priority and we are proud that our support has enabled this funding to be secured for the area."

Aspiring homeowners often find it difficult to find affordable housing schemes but the government has put more money into these programmes in recent times as it looks to tackle the chronic shortage of housing and major problems for first time buyers when looking for a mortgage.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

Many aspiring homeowners face difficulties when looking for a mortgage because of the rising cost of properties, but creative mortgages and the increased development of affordable housing schemes can help get more people onto the first rung of the property ladder.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

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