An exciting new rent to buy scheme in Edlington looks set to get underway this Summer.
Once completed this new development will make it easier for residents to get on the property ladder, allowing aspiring homeowners to pay affordable rents for their homes, whilst building up their crucial first deposit.
St. Leger Homes, a not-for-profit company wholly owned by Doncaster Council, is working with commercial partners QSH to provide affordable, quality homes for people who would like to buy their first property, but just can’t raise sufficient deposit or credit history, all without the need for Government Grant.
This pioneering new scheme; the largest of its kind in the country, has been developed by QSH, a specialist provider of funding for social and affordable homes.
Half of tenants’ rents count towards a deposit to secure a mortgage to buy their home. They are able to save up to 10% of the purchase price through the unique scheme.
Tenants have the option to buy their property within their first five years of living there. Those who do not purchase during this time can continue renting their home at an affordable rent for up to 20 years.
The Martindale development will be built on disused land and will include 34 two-bedroom homes, 47 three-bedroom homes and 4 four-bedroom homes. There will also be 20 two-bedroom bungalows reserved for people who are aged 55 or over.
QSH’s business partner Wates Living Space will build the properties and aims to start on site in July, with the first homes ready for rent-to-buy in the summer 2016.
Close to the site is a leisure centre with a 25m swimming pool, attractive green spaces and a wildlife area. The area is well connected for bus services and close to the motorway network, making living there an attractive option for commuters.
Susan Jordan, Chief Executive of St.Leger Homes, said: “This exciting partnership with QSH has made possible the development of over 100 new homes for rent and future purchase. Whether people are looking for their first step on the property ladder or ready to downsize to a more manageable home, the scheme offers something for everyone. The development is the result of a partnership between St. Leger Homes, financing company QSH and construction provider Wates.
“During the rental period, St. Leger Homes will take care of the maintenance to the properties, leaving tenants more time to relax and enjoy their new homes. We hope that the reassurance we can offer as the landlord, coupled with the discount available on the purchase price, will encourage many people to put down roots in a community that they can be proud to call home.”
Mayor of Doncaster Ros Jones said: “This pioneering new scheme will help meet the growing need for people to purchase their own home in the town and provide flexibility for people to rent first and buy at a time to suit them. I very much look forward to seeing the development come to life.”
Paul Hardisty, Chief Executive of QSH, added: “Building homes for first time buyers can be achieved without recourse to government subsidy and we are very pleased to be working with St. Leger Homes and Wates Living Space to prove this.”
Said Caroline Flint MP “The Martindale development is exciting in that it will provide affordable housing, and within it, an opportunity for people to own their home within five years. This is another step in the regeneration of Edlington and I wish QSH every success with the development.”
To register an interest in applying for one of the homes email [email protected] giving your name, postal and email addresses or tel: 01302 736359. More information about the application process is available on the website www.stlegerhomes.co.uk.