Affordable Home Ownership
For many years, property prices across Britain have risen faster than people’s incomes. Gedling is no different in this trend. The last two years have seen modest reductions in property prices, but they have also seen more restricted mortgage lending, and the requirement for much larger deposits, which has particularly affected first time buyers. This means that home ownership is still out of reach for many households with modest incomes, but there is help available to buy a home.
Local Lend a Hand
We are working with Lloyds TSB to help first time buyers in Gedling get onto the property ladder. If you can save a 5% deposit for your home, you may be able to get a mortgage from Lloyds TSB under the Local Lend a Hand scheme. This offers a preferential interest rate, equivalent to that of a 75% mortgage rather than a 95% one. This is because the council provides an indemnity against you defaulting on the mortgage payments. For more information, please visit the Lloyds TSB website, or call into your local branch.
FirstBuy
FirstBuy is a government scheme to help first time buyers purchase a brand new property. Again, you need to save at least a 5% deposit (although you can have more). You then take out a mortgage for at least 75% of the home's value and borrow the remaining value (up to 20%) in equity loans from the housebuilder and the government. Unlike a mortgage, you do not pay interest on the equity loans, and you do not have to pay them off until you sell your home in the future (although you can do if you wish). The equity loans cost nothing for the first five years; after this, there is a small charge which increases year on year until they are repaid.
You can find more information on FirstBuy and register for the scheme on the EMHomeBuy website, or you can call EMHomeBuy on 0844 892 0112.
FirstBuy is available on five sites in Gedling: Calverton; Herons' Place, Arnold;, Manderley, Mapperley; Lime Tree Gardens, Mapperley; and Chaworth Gardens, Ravenshead.
We also keep a register of people who need affordable home ownership. To join this register and receive information about affordable homes on new developments, please download and complete the application form below. If you need a copy of the form sending, or if you would like any further information, please get in touch with us.
Properties available at present
Unfortunately, there are no properties specifically available for affordable home ownership at present in Gedling. We will post details here when properties become available in the future. You can also use the EMHomeBuy website to search for any older properties that have become available for resale.
Your Views
