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How does MAPS work?

Extending Availability
MAPS extends the availability of homes to even more people. Those who qualify for MAPS are able to buy a brand new home at a level significantly lower than its market value.

Typically buyers only pay 75% of the house’s full open market value. Merlion Homes funds the remaining portion of the property by means of a second charge, which is a legal tool allowing Merlion to recover its funding when you sell the property, after the mortgage lender has recovered its loan. Unlike many other housing associations Merlion’s purchasers do not pay rent on the portion of the property not purchased.

Buyers may, in the future, have the opportunity to buy the remaining share of their homes if they wish to do so. The amount to be repaid is linked to the value of your home at the time the funding is repaid.

Tichfield Park

Merlion Homes recently sold six bedroom homes at Tichfield Park, Fareham. The buyers were key workers and as well as receiving the benefit of a Starter Home Initiative Government grant, they purchased their homes through MAPS.

Fareham Borough Council Housing Strategy Manager Malcolm Stevens welcomed the initiative, saying, "Merlion's Assisted Purchase Scheme has made it possible for six teachers to buy their own homes in the borough. It is vitally important that teachers - and other keyworkers - are able to remain here despite rising property prices and we very much welcome this initiative. We also look forward to working with Merlion Housing on similar schemes in the future."

 
 

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