Award winning property developer Urban Splash and national regeneration agency English Partnerships are offering people in Seedley and Langworthy an opportunity to buy their first home at Chimney Pot Park, in Langworthy, through a new government backed scheme.
Urban Splash is initially offering its upside down terraced houses through the First Time Buyers Initiative (FTBI) - which is organised by English Partnerships - to people living in the local area.
English Partnerships' First-Time Buyers Initiative is part of the Government's Homebuy scheme to help 120,000 people into home ownership through a range of affordable options. It enables eligible first-time buyers to contribute a minimum 50% towards the full purchase price of a new home through an affordable mortgage, with English Partnerships contributing the rest.
First-time buyers can then staircase to repay English Partnership's contribution at any time, and after three years, will start to pay a fee to English Partnerships based on the contribution made. When owners sell their FTBI home, they will repay all of the assistance from a share of the total sale proceeds. So, if the FTBI assistance was a 25% contribution, the repayment will be 25% of the total value when it is sold.
Urban Splash has sent an information leaflet explaining the scheme and how to apply to 2,000 residents in Seedley and Langworthy. In the summer, Urban Splash will release the houses for sale to local residents for a full week before they are made available to people from outside the area.
Urban Splash has received housing market renewal funding from the Manchester Salford Pathfinder for the scheme.
