The first property acquired by Wyre Council for the Affordable Housing Delivery Programme has been renovated and valued.
The 3 bedroom home in Thornton is available for sale as a 'discount market home' for £136,000. Applications are now open.
As this is an affordable home ownership product the successful buyer will own 100% of the property but receive a 20% discount which will remain with the property forever. If you were successful in purchasing the property and decided to sell the property in the future, the 20% discount and eligibility criteria will continue to apply. The home has been valued at £170,000 and therefore will be sold for a fixed price of £136,000.
In order to be eligible to purchase the home, interested buyers will need to meet the following criteria:
Qualifying Person: means an individual who has reasonably demonstrated to the Council that having regard to house prices within the local area, he or she is unable to afford open market housing based on his or her earned income/capital and the available income/capital of any person living with him or herself which it would be reasonable to take into account and assuming a mortgage of not more than 3 times his or her earned income plus the earned income of any other person aforesaid. For example, this home after the discount is £136,000 - this means the household income could be up to £43,066 per annum if the applicant has only a 5% deposit of £6,800 or if the household income was £33,000 per annum then the applicant could have up to £37,000 in savings/capital including a deposit. As you can see the calculation varies, if the income is higher than the amount of savings/capital would be lower.
Local Connection - an individual must be able to demonstrate they meet one or more of the following criteria:
- Local residency – they have lived in the local authority of Wyre continuously for the last 12 (twelve) months;
- Permanent employment of over 16 (sixteen) hours per week in Wyre;
- Close family association – has a parent, adult child or adult sibling who is living in the area of Wyre and has done continuously for the last 5 (five) years;
- Are currently serving in the Armed Forces and who are either employed or are resident in Wyre; and
- Former Armed Forces personnel who have a previous residence in Wyre as a result of a former posting in the area of Wyre within the last 5 (five) years
Madison Yeo, Affordable Housing Delivery Officer says,
“Unoccupied since the late 1990's, getting this empty home renovated and back into use has been truly rewarding. I am looking forward to getting it sold to a local person wishing to get onto the property ladder at an affordable price”
Applications are now open and will be assessed in strict date order and will only be determined where fully complete with evidence of the following:
- proof of mortgage in principle
- proof of deposit
- proof of household income
- proof of local connection to Wyre as detailed above.
Complete your application to apply for the property
If your application is approved, you will be notified via email and invited to attend a viewing of the property. Following your viewing, you will be eligible to make an offer to purchase the home. Offers will be accepted in strict date order in line with the order of application approvals.
For any enquiries, please contact Madison Yeo, Wyre Council's Affordable Housing Delivery Officer on 01253 887246 or email madison.yeo@wyre.gov.uk