As a general rule £100K Homes will be freehold except where the nature of the building requires a share of freehold or leasehold arrangement, e.g in the case of flats or maisonettes. £100K Homes are not a form of shared ownership.
£100K Homes are aimed at helping people to buy houses close to where they work and in communities where they may have strong connections. Applicants for £100K Homes will be scored against criteria relating to these key aims. The higher they score, the more chance they will have of buying a £100K Home. The Cambridgeshire and Peterborough Combined Authority will manage this process. A full and transparent guide with more detail on how it will work will be published on this website in due course.
Monthly mortgage payments are likely to be significantly cheaper than private rents on a similar property. Equity is also built as the mortgage is paid off. That means saving money for a move up the property ladder is made easier.
The discount varies depending on the open market value, but the sale price will be £100,000.
A monthly mortgage payment, no landlords to deal with and complete housing security.
If the value of the home has risen when the owner comes to sell, they stand to benefit from the increase. Like owning any property, the owner could lose money if house prices fall. See more: How it works.
Just like purchasing any other home, the buyer will need to provide an upfront deposit and secure a mortgage to purchase the property.
When the owner is ready to move on, the home can be put up for sale. If they want to stay in the home for the rest of their life, they can.
Local house prices are no barrier to the delivery of £100K Homes. They can be located in cities, towns or villages.
That includes keeping up with mortgage payments, maintenance, any bills, and other responsibilities which come with home ownership.