First time buyer news: Affordable homes boost for Southampton

02-May-2006

Southampton City Council has announced that it has been successful in securing a grant to fund 472 new homes in the city over the next two years.

Working in conjunction with the Regional Housing Board, the Housing Corporation has awarded almost £17 million for housing association schemes in Southampton, reports the 24-dash website.

This funding reflects an increase of almost 40 per cent on funding secured for the 2004-06 period.

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

It is anticipated that the housing scheme will provide 263 homes with affordable rent, 173 low-cost homes to buy, 21 properties with intermediate rent and 15 refurbishments of supported housing homes.

The funding will also include support for an Extra Care scheme for elderly people, regeneration projects in the city and programmes to support the council's affordable housing policies.

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

"This is excellent news for the city and will contribute towards our targets to deliver 350 new affordable homes each year to meet the city's housing needs," executive director of neighbourhoods, Nick Murphy, told the website.

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

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