Finefair strives to ensure we offer the best services as well as the right support. Our approach is the reason we are one of the highest profile providers of block management Wandsworth has. We appreciate how important it is to focus on landlords as well as tenants. This way we can help to build strong, mutually beneficial relationships.
Wandsworth Council plans to invest £1.5million in a new loan scheme to help local people purchase their own home. The plan is to provide interest free loans of up to £75,000, primarily to local residents and workers who live in social housing. The funds will reduce the size of the deposit they need to raise and the size of their mortgage. At the same time it will free up homes for people waiting for council housing.
The scheme is different to Shared Ownership, and is designed to be easier to understand. There is no interest to pay on the loan or partial rent. The purchaser will own 100% of the property. They can choose when to repay the loan in the future. Typically though it will be when it is eventually sold. The local council will also secure a percentage of the increase in value in that time.
The local council in Wandsworth is a pioneer when it comes to improving housing. They plan to invest in building 1,000 new homes. The current target is for 60% of the homes to be for people who live as well as work in the area, particularly those with average income.
Discussions about the new loan scheme are currently taking place. If the council accepts the proposal it could come into force in the autumn.
Finefair keeps an eye on local schemes like these because they can have a knock-on effect on the market. The new funding can result in more people looking to purchase, increasing demand and perhaps pushing up prices. This can be good news for investors in the area.
Although we are the top team for block management Wandsworth has, it is not the only service we provide. We can manage all kinds of portfolios, arrange council leasing and guaranteed rent, and do various other things. If you need any help, contact us today.