Home Purchasing Scheme
Over the past couple of years there is no doubt that things have been very difficult for first time buyers, and for many their dreams of homeownership have been dashed due to high deposit demands, stricter lending criteria, and higher interest rates charged to certain groups such as first time buyers.
Cookstown Enterprise Centre has recognised the current difficulties in the housing market and has just launched a highly innovative scheme to assist first time buyers to be able to purchase their own home, at 100% ownership; great news for local people wishing to get on the property ladder.
The simple and transparent scheme will offer predominately first time buyers the opportunity to rent a new turnkey house from CEC for a maximum period of time of 2½ years with the option of completing the purchase at any time during that period. Should the individual purchase the property within this period of time, CEC will refund a significant portion of the rent paid to date. This will assist the Tenant/Buyer to accumulate a significant deposit for a mortgage. The individual will have the option to buy the property at a price which is anchored – meaning the property doesn’t get further out of reach financially and the purchaser will know the fixed price of the property before entering the scheme. An added benefit is that they can live in the home prior to actually completing the purchase. Essentially the Tenant/Buyer is renting the property until they can complete the purchase before option period expires.
Trevor Wilson, Vice-Chairman of Cookstown Enterprise Centre comments, “While we are conscious of the difficulties in the Housing Market at present, Cookstown Enterprise Centre recognises that there are still a significant number of young adults wishing to own their own home and this scheme has been specifically designed to help those people realise that dream. The individual will have the opportunity to occupy a brand new turnkey property in Cookstown with a view to completing the purchase within a fixed period of time. Essentially we are helping the first time buyer to build a deposit for a mortgage with a view to helping them own their own home.”
Ciaran Higgins, Manager of Cookstown Enterprise Centre stated, “The main challenge for first time buyers at present is access to mortgage finance. In the past year, those who believed that the market slowdown would finally bring a home within reach have been shocked to find that mortgage lenders are demanding bigger deposits. Just a few years ago first time buyers could get mortgages for 100 percent of the property, but this has now all changed. Currently first time buyers would be lucky to find a mortgage for 90 percent of the property value, which just a few years ago was the norm. The problem is further compounded by the fact that that first time buyers have no previous property from which to take equity. The scheme designed by Cookstown Enterprise Centre will assist the first time buyer to accumulate a deposit over a given period of time which will help them to secure a mortgage”.
Trevor Wilson concluded, “As one of the most progressive Enterprise Centre’s in Northern Ireland, Cookstown Enterprise Centre has been at the forefront of supporting local economic development in Cookstown for 20 years. However, recently we have been looking at the social and housing needs of our citizens and we believe we have devised a scheme that will meet the housing needs of our young people and those wishing to get on the property ladder for the first time. We are also conscious of the fact that the scheme is also supporting the local construction industry which is in much need of a boost at this difficult time”.
The Home Purchasing Scheme is proving to be extremely popular with a number of first time buyers entering the scheme over the past 12 months. There are currently a limited number of 3 bedroom, turnkey, townhouse properties available under the scheme.
For more information on the Home Purchasing Scheme contact Cookstown Enterprise Centre on (867) 63660 or e-mail info@cookstownenterprise.com. Alternatively contact Stanley Best Estate Agents on (867) 66642.
