First-time buyer news: £2m affordable homes scheme for Bristol

25-Apr-2006

A housing association in Bristol has been awarded more than £2 million to provide affordable housing in the city.

The south-west's first Asian-led housing group, Aashyana Housing Association, has been granted the £2.2 million by the Housing Corporation, reports the 24-dash website.

A total of £1.5 million is set to go towards a new housing development in Snowdon Road, where 18 two-bedroom apartments are expected to be offered at affordable rents.

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

The remaining funds will be used to support the fourth phase of the association's Street Property scheme, which refurbishes existing properties to provide family accommodation.

Chief executive of Aashyana, Sadhu Chahal, told the website that he was "delighted" that the group had been successful in securing the funding.

"We are committed to providing high-quality homes and services to our tenants and this money will enable us to increase our housing stock to help even more people in housing need," he continued.

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

So far the programme has seen 18 previously unoccupied homes transformed and refurbished for occupation by families on low incomes.

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

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