Felixstowe: First-time buyers to build dream homes
- Credit: Archant
Work is under way on a new type of affordable housing where the first-time buyers will be offered the opportunity to help build their own homes.
Ten properties are being built in Philip Avenue, Felixstowe, as part of a self-build, shared ownership project launched by Orwell Housing Association and Ipswich Building Society.
Believed to be the first of its kind in the UK, the Sweat Equity development will include four homes which will only be partially completed, allowing homeowners to finish the building work themselves.
The homeowners will be eligible for funding through an exclusive self-build mortgage from Ipswich Building Society.
The scheme enables homeowners to take out a smaller mortgage on their new home and build up equity in the property based on the amount of work they are prepared to put into finishing it themselves, ranging from a 5% to 20% share of their home.
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Ian Brighton, of Ipswich Building Society, said: “This is an exciting new initiative for local people who have the skills and expertise to add equity into their own property, reducing the need for larger deposits.”
Wendy Evans-Hendrick, director of development and property services at Orwell Housing, said: “At Orwell we are committed to finding innovative ways to provide both affordable rented housing and affordable, low-cost home ownership options.
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“The scheme is ideal for those stuck in the private rental spiral as it gives people the opportunity to earn a share in their own home and at the same time help build their own property.”