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News & Events
31/10/05Merlion Homes Helps First Time Buyer Onto the Property Ladder
The traditional market town of Fareham in Hampshire remains a highly sought after area in which to own a home, something that resident Philip Cole thought would be impossible for him. Portsmouth born Philip, 28, had lived in Parkgate, Fareham all of his life, and was keen to move away from his family home to get on to the property ladder. With prices so high in the area, and no deposit, Philip’s only option was to rent – something that he considered to be money down the drain. Philip comments “I have been desperate to get on to the property ladder for some time now, and on a single salary with house prices so high, I thought my only option would be to rent”.
Philip, an IT Buyer for Taylor Made Computer Solutions, had been on the shared ownership housing register in Fareham for just under a year when he received a letter from Merlion Homes offering him the opportunity to buy at Old Turnpike Mews, Fareham, part of a Barratts scheme in the area. Philip comments, “I didn’t even look at the plans for this site before deciding that I wanted to live there! Merlion were offering such a fantastic opportunity to me that I just couldn’t turn it down. I had been waiting for so long to purchase a property this was the perfect solution for me”.
Merlion Homes were able to offer Philip a home in Fareham by using its Merlion Assisted Purchasing Scheme (MAPS) - a shared equity plan unique to Merlion. The scheme is designed to allow homeowners to purchase a new home on a development at a reduced percentage of its market value. Additionally Merlion's Assisted Purchase Scheme does not require rent to be paid on the remaining percentage. Homes at Old Turnpike Mews were offered for sale at 75% of the open market value. In addition, Fareham Borough Council were able to offer grant funding to the purchasers which brought the actual purchase price down as low as 63% of the open market value.
The Merlion Assisted Purchase Scheme at Fareham has been widely supported by both its customers like Philip and the local council. Councillor Crouch from Fareham Borough Council comments, “In the absence of government subsidy, we were very pleased to have made a significant contribution to this excellent scheme which has housed eighteen people from our register of applicants for affordable homes. Merlion should be congratulated for arranging an affordable payment scheme that does not require the balance to be paid by rent”
Andy Quek, Managing Director for Merlion Homes also commented, “This is the first time such an innovative private/public sector partnership has happened in this country. Not only have we provided an affordable property for a local resident whom other wise would have been unable to buy, but we have also worked in partnership with the local council to great effect.
Philip Cole concludes “I am so pleased with my Merlion Home, I would recommend them to anybody who thinks that they can’t get on to the property ladder. Merlion have been so helpful, have always given me lots of time, have explained everything to me and my apartment is fantastic. The specification and design is perfect”.
All the homes at Old Turnpike Mews are now sold, but for those who are interested in purchasing a Merlion Home other developments are available in a wide variety of locations including Wimbledon, Southampton and Winchester. For further information on Merlion Homes please call 01962 842100.
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