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Affordable housing unveiled in Putney

17-Jun-2009

Today sees the launch of ten new low-cost homes in Putney, courtesy of an affordable housing scheme from Wandsworth council and Notting Hill Housing's Hidden Homes programme.

Part of the government's HomeBuy Scheme, which has been widely commended across the property industry, it is hoped first-time buyers will take advantage of the opportunity to get on the first rung of the housing ladder.

Whoever purchases one of the homes will pay for a 25 per cent share of the property and then owe rent to the local authority for the other three-quarters of the mortgage.

Over time, the first-time-buyer will gradually be able to end the shared ownership arrangement and be fully responsible for all mortgage repayments.

The council's housing spokesman Martin Johnson said: "These are very attractive high-quality affordable homes that are now being offered to local first-time buyers who could not afford to buy a home on the open market."

Putney is one of London's most desirable areas and the flats have fully fitted kitchens, gas central heating, private terraces and a large communal garden.

They are being offered to single first-time buyers earning £26,000 a year or couples looking for their first mortgage with a joint income of £30,000.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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