Help to get onto the property ladder from affordable housing specialists Plumlife

1. Help to get onto the property ladder from affordable housing specialists Plumlife www.plumlife.co.uk

2. HomeBuy Agents Greater Manchester & Lancashire • April 2006 became HBA for region. • One stop shop for first time buyers and anyone needing affordable housing. • 24 Local Authorities within our defined area. • 16 RSL have NB HB/SO schemes within 07/08 financial year. • Plumlife as HBA are responsible for qualifying applicants across the whole region and marketing all developments across region. This is done via our website.

3. Plumlife.co.uk The schemes available: • Newbuild HomeBuy/Shared Ownership • Open Market HomeBuy • First Time Buyer Initiative • RTB/RTA • Social HomeBuy

4. NewBuild HomeBuy • A part buy part rent scheme. • An alternative to renting. • Assists lower income households and those unable to afford to buy a property outright. • Home ownership entry from as little as £14,00 per annum. • Typically a 50% share is purchased through a mortgage or cash funds and a subsidised rent is payable on the remainder. • Helps households build equity which can be used to purchase a property outright.

5. Example of New Build Homebuy • Urban Splash’s Moho (Castlefield) - £64,750 (50% share) plus rent £202.34pcm. Min. income of c. £16,000 required.

6. Example of Homebuy • Seddon’s Edale (Altrincham) – 1 bed apartment £70,000 (50% share) plus rent £135 pcm. Min income required of c. £18,000.

7. Coming Soon • Chips, New Islington (Urban Splash) • The Bridge, Timperley (Plumlife) • The Ridge, Knutsford (Plumlife) • The Way, Beswick (Lovell) • Cricketer’s View, Bolton (Bryant Homes)

8. Open Market HomeBuy • 75% equity stakes available with no rental payment for 5 years. • Funding available across the Manchester and Lancashire • Eligible applicant can purchase a property of their choice on the open market (restrictions apply) through a mortgage. • Two equity share loans are provided one through the mortgage company and one from the homebuy agent. • Paid back at market value

9. Who is eligible • Anyone unable to afford a property that is suitable for their needs. • First time buyers young professionals, key workers, local authority or housing association tenants, people effected by relationship breakdowns, retired people, people out priced in their area. • Priority will usually be given to people with a local connection. • People must be able to get a mortgage for OMHB or be able to have a guarantor

10. First Time Buyer Initiative • Available on Selected developments, e.g. Chimney Pot Park, Main rd, Sports City. • Applicant’s earnings determine percentage they can purchase • No rent for 3 years • After year 3 rent is staggered until year 6 when it is capped. • You can purchase further trenches after year 1.

11. How we reach our customers • Advertising: radio, press, rightmove.co.uk, smartnewhomes.com. • Working with Local Authorities to promote schemes to tenants and other groups. • PR Agency • Shows : GMEX homebuyer event, road shows in hospitals, LA events, Trafford Centre event

12. Plumlife.co.uk • Plumlife website demonstrates massive demand for affordable housing. • 1st Jan – 30th April 2007 - total page hits 217,000. • approx 800 registered seeking affordable housing • variety of different developments on offer from a range of different Registered Social Landlords.

13. Future schemes Other schemes are in the pipeline, the government and the Housing Corp are always improving and adapting these schemes. Housing schemes specificly taylored towards people suffering from disability are in the pipeline and will be included in next years bid rounds. I can discuss details of these schemes in the work shop and give a progression update.

14. Questions????