first time buyers: One beneficiary of this is 20-year-old Charlotte Oliver, a budget-airline stewardess working out of Bristol airport who, until recently, was living with her parents near Swindon.
Unhappy living at home, Charlotte discovered that a development around the corner from her parents' home was offering a part-buy, part-rent deal that seemed silly to turn down. The two-bedroom apartment she has bought at Celsus Grove, built by Thames Valley Housing, has cost her just £3,4000 to move in – the ten per cent deposit she was required to put down – plus payments of £520 a month to cover mortgage repayments on her £34,000 loan, rent on the remainder of the £115,000 flat's value and service charges. This deal means that Charlotte owns 30 per cent of the property while renting the remaining 70 per cent. After a year she can then buy chunks of the flat's value in ten per cent blocks and, when she fully owns the flat, would be free to sell up. “I couldn't believe it when I realised I could get on the property ladder without have to find a lot of money,” says Charlotte. Celus Grove is Swindon is a development of 45 two and three bedroom homes – including seven houses and 38 apartments – that are available through Thames Valley Housing's New Build Homebuy scheme.
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