How scheme has helped Ben own his first home
The Riverside development is helping first-time buyers to get on the property ladder in Bath.
With more and more people struggling to buy their own property, Crest Nicholson has been offering the Government's First Buy scheme to would-be home owners.
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The scheme, which is funded by the Government and developers, enables buyers to own their own home by only paying 80 per cent of the purchase price, with the rest being funded by a 20 per cent top up loan offered by Crest Nicholson and the Government.
In addition buyers only need to find a deposit of five per cent.
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Ben Cocks, 25, a recent first-time purchaser at Crest Nicholson's Bath Riverside development says he had nearly given up hope of buying his own home until he became aware of First Buy. He has now moved into his one-bedroom apartment at the scheme.
He said: "I was living with my parents in Bradford on Avon but I have a four-year- old son who stays with me every other weekend, so that wasn't an ideal situation.
"I had been renting previously, but it was impossible to save for a deposit while paying rent. I heard about the First Buy scheme after reading about it in the local press late last year, and noticed that it was available at Bath Riverside."
Susan Young, sales and marketing director at Crest Nicholson Regeneration, said: "We are delighted to be in a position to offer a helping hand on to the property ladder for first time buyers via the First Buy scheme."
Comments
by jezer
Friday, November 02 2012, 7:34PM
“I fully accept that I am one of the privileged generation. I bought my first house when I got married in 1972 for £6,175. With property inflation over many years, this allowed me to buy larger houses while my family was growing up. Now I am downsizing in my retirement. I only hope my children and grandchildren can do the same, but I fear this will not be so.”
by jdd1977
Friday, November 02 2012, 3:19PM
“Actually ChronicReader, people do want to buy the flats. They're sold out almost. Whether that's to Bath residents is a different matter (or buy to let investors). All news outlets carry barely disguised pieces of propaganda – hence the proliferation of such&such conducted a poll of 134 people to ascertain their views on this&that. It's called news-fill and comes from press releases. No need to get so bilious! Relax…it's Friday.”
by geoffone1
Friday, November 02 2012, 3:15PM
“Did he have one of the crack houses?”
by ChronicReader
Friday, November 02 2012, 1:45PM
“What a shameless piece of propaganda! Did Crest Nicholson pay the Chronicle to write this or what?
The fact is the Riverside development is hideous and no-one wants to buy the flats there- so they are trying government backed incentives to try and offload their white elephant.”
by rogerh3
Friday, November 02 2012, 12:36PM
“Unless you have a reasonably-long lease you won't get a mortgage. The issues with hefty repair bills are generally ill-advised right-to-buy purchases on crumbling ex-council estates.”
by jdd1977
Friday, November 02 2012, 12:28PM
“The reforms do give you the right to extend (for a premium and peppercorn rent as I understand it), but you have to make sure you don't let it lapse – so keep eating that oily fish, so you don't forget in your dotage! Also, for leaseholders of flats, there is still a grey area and you have very little control over maintenance and in some cases can't even have pets in your home. However, groups of leaseholders can band together to establish a 'right to manage' and take over responsibly. Further reforms are probably likely. If you're on top of things, then great, but many aren't; and it's not unheard of for 'homeowners' in leasehold properties to receive out of the blue hefty bills for repair works. Caveat emptor.”
by nadiac1
Friday, November 02 2012, 11:45AM
“Teabag Terry
I would agree with you except that social housing has many tennants who DO
bother to get up to go to their jobs but earn low wages and at the moment have no chance
of buying their own home.
People like them and Mr Cocks who would not qualify for social housing deserve every chance to do so”
by rogerh3
Friday, November 02 2012, 11:44AM
“@ jdd1977:
Yes, I'm dreading handing the keys back on my flat in 100 years or so. Except, of course, you appear to be also ignorant of the leasehold reforms that have been implemented over the last couple of decades which give leaseholders a legal right to extensions.”
by joning
Friday, November 02 2012, 11:35AM
“Just realised my own ignorance, I take it back housebird5!!
Yeah, 125 year leasehold so I don't own it at all.”
by jdd1977
Friday, November 02 2012, 11:30AM
“In all likelihood you own the lease and the debt, which you obtained by securing it against the lease. It may sound like semantics, but you do not 'own' a home in the same way as you own other forms of property – especially new builds, which are nearly always leasehold (though I think WR is actually 125 years, which is better than many). May people forget this: something they sometimes find out to their cost at a later date.”