Four brand new affordable homes have just been completed at Canal Rise. Bridgerule
Two each 2-bedroom and 3-bedroom semi-detached houses have provided homes for four young local couples who have bought through Homes for Holsworthy’s Equity Purchase Scheme. The houses were sold for 70% of the open market value with Homes for Holsworthy providing an Equity Mortgage for the remaining 30%. Unlike other schemes, buyers do not pay interest on the equity mortgage or rent on the 30%, only a modest administration charge to help with the overheads of this small local charity.
First to move in were Gary Heywood and Sophie Cobbledick who are delighted with their new home. Gary, who works for a Bridgerule building company, was involved in the construction of the houses from the outset so feels a very personal connection to his new home. “We didn’t think there was any way we could afford to buy our own home but when we found out about how Homes for Holsworthy are helping young people get onto the property ladder we did the sums and found we could get a mortgage. This is such a great opportunity, there is no other scheme in the area like it”.
Rhys and Leanne Chard, both from Bridgerule, got in touch with Homes for Holsworthy before construction even started. “We knew we wanted to buy our own home” says Rhys “and we had heard about Homes for Holsworthy so we had a meeting with them to find out how the scheme worked. When the Bridgerule project got underway we made an application and reserved a 3-bedroom house.” Leanne adds “With our first baby due later thisyear we are really pleased to be in our own home and grateful to Homes for Holsworthy for making it possible”.
Pam Johns, Chair of Homes for Holsworthy, says “These are just the sort of people we are trying to help. So many young people locally are in steady employment and can support a mortgage but not at full market prices. We see great potential in the area to provide affordable homes on small mixed developments like Canal Rise meaning families can stay in their own community.