We bought a home for £1 – we thought it was a scam at first but now all the newbuilds are sold – and we love it | The SunFebruary 13, 2023
RESIDENTS on a newbuild estate have bought their homes for just£1 thanks to a new scheme.
Aaron Parsons and Tim Perry, from Wolverhampton, are now on the property ladder thanks to the 'life changing' opportunity.
The first residents on a new-build estate have started to move into their homes – and some will be able to buy their property for just £1, reports, WalesOnline.
More than 250 houses have been made available under a help-to-buy scheme, on the £34million complex in Wolverhampton.
W V Living, the firm behind the The Marches estate, have placed three and four bed properties on the scheme, that allows the occupiers to buy their homes after 26 years.
But a "loyalty premium" will see 100 of the homes go for just a pound, enabling the occupants to buy their home for that amount.
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Couple Aaron, 32, and Tim, 30, were among 86 people to successfully apply to join the Help to Own Scheme in Wednesfield.
Mr Parsons said: "It is life-changing to purchase a house on this scheme.
"Our experience of finding a decent home to rent has been really tough — we have experienced homelessness and then been moved into a social housing property.
"We were living in a one-bed council flat, with no way of getting onto the property ladder.
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"This is too good to be true — so much so we thought it was a scam at first. But we are in here.
"I was just scrolling through Facebook and came across an advert and I thought: 'You know what? I will read into that'.
"I thought I might apply for it. I didn't tell Tim and once we got accepted, I told him."
My Generation Group Ltd, the company behind the Help to Own scheme, explained: "It lets you rent a quality new-build home for the long-term.
"As you make your monthly payments you build up a Loyalty Premium, which you can take as cash if you leave the scheme within 20 years. On your 25th anniversary you can buy your home for £1."
The scheme was established specifically for people and families struggling to save a deposit to fulfil their dream of owning their own home.
It is also aimed at helping key workersget on the ladder with around four in 10 of the homes available being reserved specifically for key workers.
Andy Street, the West Midlands Mayor, said: "This makes home ownership more accessible to people and that has got to be a good thing.
"Here, it is about local people, key workers moving into these new elegant homes and actually being able to, in time, own them.
"I think this scheme is needed more.
"People perhaps starting off in jobs will find it really hard to get on the housing ladder, and that gets more difficult as prices go up.
"This makes it more accessible. It is a good scheme, and I hope we can have more."
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