First time buyer news: New scheme may help first-time buyers

09-May-2006

There may be hope in sight for aspiring homeowners in Bury St Edmunds thanks to a new home scheme for first-time buyers.

People with a connection to the village of Rougham have purchased shares of up to 80 per cent in four new properties with the remainder owned by the housing association, reports Bury St Edmunds Today.

Two of the beneficiaries of the scheme are 22-year-old Lindsey Auchincloss and her partner William Twaite who have bought a 40 per cent share in a two-bedroom house.

"We thought we were going to have to move a long way away – away from our parents, jobs and friends, if we ever wanted to buy our own place," she explained to the newspaper.

Aspiring first time buyers applying for shared ownership are advised to consult a good mortgage broker.

The couple now pay a mortgage on their share and rent on the part of the property owned by Hastoe Housing Association.

They will have the option of increasing their share in the future but if they decide to leave the property they must sell their share back to the association.


Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley.

The council has claimed that 234 similar properties are to be built in the region following a grant of £5.47 million from the Housing Corporation.

Find out more about the housebuying process in the FirstRungNow Home Buyer's Guide.

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