First time buyer news: Bishop Stortford handed affordable homes project

05-May-2006

The first batch of affordable homes were officially handed over in Bishop Stortford, Hertfordshire, last week.

The 64 rental and 17 shared ownership properties in Cedar Park are part of a multi-million pound investment project in the region, reports the Observer.

These new properties are the first to be completed by a partnership, which is planning an additional 5,000 similar properties in the region over the next ten years.

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

Cedar Park is just one of the ten sites being developed under the new Stansted Area Housing Partnership and is perfect for first-time buyers.

The partnership was formed in 2005 and comprises four local authorities around London Stansted Airport.

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

Some three 650 units are to be built as part of the first stage of the project, which is already underway or has start dates set.

Phase two, which is planned for years four and five, is expected to take the number of affordable homes up to 2,500, with a total of 5,000 expected to be ready by 2015.

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

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