Government homebuy initiative supported by Sentinel
9 October 2007 -
Sentinel Housing Association have successfully used a recent Government initiative to help eligible tenants get onto the property ladder.
The Social Homebuy Scheme enables tenants to buy their home either in full, or on a shared ownership (part rent / part buy) basis. Tenants can buy as little as 25% to begin with and then purchase additional shares in multiples of 5% up to the full 100% value.
Mr & Mrs Javaharlal have lived in their Oakridge home for six years, with their extended family. They had been wanting to get a foot on the property ladder for some time but until recently had not been in a position to do so. Sentinel advertised the new scheme to all current tenants earlier this year.
Mr Javaharlal said: "We saw this scheme as a chance to realise our dream. I contacted Sentinel and they were really helpful. They organised everything which made it very easy for us, we just had to arrange our own mortgage, and were then able to buy a 75% share of our home. The whole process was very quick. I phoned Sentinel in April and everything was sorted by August. Sentinel staff were really helpful and supportive, I would definitely recommend this scheme."
Sentinel Housing Association's Business Director Val Bagnall said: "Sentinel are extremely pleased to be one of the first housing associations in Hampshire to successfully deliver the social homebuy initiative. Social homebuy, for Sentinel, is about offering greater affordable choice to our tenants to purchase their homes. We wish Mr & Mrs Javaharal every sucess and happiness for the future."
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