New scheme launched to help first time buyers

12-Jan-2007

First time buyers in Hemel Hempstead may be encouraged by the recent approval of a new scheme to develop affordable housing.

The approval to build around 48 new affordable homes in Dacorum has been granted to the Hightown Praetorian and Churches Housing Association (HPCHA), allowing first time buyers to purchase a home under a shared ownership scheme.

Under the shared ownership scheme, first time buyers can use a mortgage to purchase between 12.5 per cent and 75 per cent of their property, with an option to purchase a greater share after the first year.

For information about New Build HomeBuy, key worker schemes and shared ownership, click here.

Using the scheme, first time buyers obtain sole occupancy rights and pay rent on the remaining share of the property that is not owned.

"We are delighted to be able to start developing the site," said David Bogle, chief executive of HPCHA.

"It is an exciting time for housing in Dacorum and we aim to play a major role in providing high quality affordable housing for members of the local community," he added.

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