First time buyer news: £1.4m affordable homes boost for Norfolk

04-May-2006

Construction is now complete on a £1.4 million social housing scheme in north Norfolk.

The official completion of Broughton Close Hindolveston was marked by a ribbon-cutting ceremony last week, reports the website 24-dash.

The homes are part of a development compromising of 15 affordable homes for rent and shared ownership.

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

"I am delighted to officially mark the completion of these new homes," Janice Broughton, wife of the late councillor Dick Broughton, told the website.

The community has been built in accordance with the north Norfolk District Council's Exception Policy, which means that homes will remain exclusively for young people and families.

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

A contribution of £79,890 was given by the council, as well as a further £300,000 which was invested by the north Norfolk Community Partnership.

"North Norfolk is leading the way in the affordable housing sector by enabling these homes to be built under an Exception Policy," concluded Gary Orr, director of housing for Broadland Housing Association.

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

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