The Genie Home Purchase Plan has been proposed by potential buyers by a North of England firm that offers a more affordable route into home ownership than available with a conventional mortgage and they are now on the look-out for developers to work with in London.
The plan allows buyers to enter into a long-term payment plan of 25 to 30 years, which sees purchasers acquire an increasing share in their homes over time and no deposit is required.
The good thing about this for purchasers is that during the term of the contract they have the same rights and responsibilities as someone who has purchased their home with a conventional mortgage and will own the property outright on completion.
Genie is now seeking partnerships with London developers to supply 2,000 new homes in the capital over the next 10 years.The company has signed a deal with the Greater London Authority which will access up to £40m of loan finance to deliver the properties.
Meanwhile four areas of the capital have been given special status as housing zones. More than 12,000 new homes – 3,500 of which will be affordable – will be built in Havering, Enfield, Redbridge and Tower Hamlets.