New Partnership to Help Walsall?s New Deal for Communities Residents Benefit from More Affordable Housing
Mercian Housing Association has been appointed by Walsall’s New Deal for Communities to deliver £1m funding for its customised HomeBuy scheme which offers financial support to people who cannot afford to buy property on the open market.
This scheme is to benefit residents living in the Walsall’s New Deal area and the Blakenall housing renewal area who wish to purchase a new property on the 250 home Bellway development at Blakenall Heath, but need additional financial support.
Thanks to its HomeBuy Equity Loan Scheme, New Deal residents can receive between 25% to 40% of the value of the new home, paying the reminder through a mortgage or savings. There is no monthly interest or rent on the HomeBuy Equity Loan. The loan is paid back when the property is sold or otherwise legally disposed.
The main criteria for local people to access the HomeBuy scheme requires that the potential purchaser must have lived or have a close family member who has lived in the New Deal area for two years, and needs the HomeBuy loan to bridge their affordability gap.
Laurice Ponting, Chief Executive of Mercian said: “We are very pleased to be working with Walsall’s New Deal to promote this innovative scheme enabling local people to achieve home ownership. We have extensive experience in delivering many affordable home ownership schemes in the West Midlands and are delighted with this new partnership supporting Walsall and Blakenall communities.”
Paul Rowlands, Chief Executive of Walsall’s New Deal for Communities commented: “This is excellent news for the people of our area. The HomeBuy scheme is a considerable investment for the New Deal : New Horizons partnership and is a fantastic opportunity that will give local people a foot on the housing ladder”.
The HomeBuy loan scheme has limited funding and Mercian have arranged open days to promote the development and encourage local people to apply. The next open day is to take place on Thursday 3 August 2006 from 4pm to 7pm at the Blakenall Village Centre. People can also call Mercian on 0845 6076726 (local rate) to register interest.