Update on our intermediate homes
Brick By Brick was established to create well designed homes that are affordable for the people of Croydon.
We develop high quality homes on small sites or underused public land, with the proceeds from sales returned to the council to be reinvested in the community. We currently have a pipeline of over 1,200 homes under development, including homes for sale, homes that will be returned to the council to house local people on the housing waiting list, as well as intermediate housing (including shared ownership).
Intermediate housing comes in various forms. In order to ensure that we provide purchasing options which are as affordable as possible we tend to focus on shared ownership, where qualifying customers can purchase as little as a 25% share.
Last year we launched our first shared ownership homes for sale at Auckland Rise & Sylvan Hill in Upper Norwood; and later in the year we launched additional shared ownership homes for sale at Flora Court in Thornton Heath. These homes offer an opportunity to get on the housing ladder with a low deposit and smaller mortgage.
Mortgage providers have special terms for lending on intermediate homes, and our buyers select from a range of mortgage products that are suitable for shared ownership. However, for our first schemes, as buyers came to the point of exchange of contracts, some of them discovered that their lenders had imposed additional criteria for lending on shared ownership properties, including a request that the seller become a ‘Registered Provider’ with the national regulator.
In order to provide as many affordable financing options as possible for our customers, we are now expediting this this registration process and the regulator’s guidance suggests that it will take 3 months.
In the meantime, our experienced sales team are actively working with any affected prospective purchasers on a one-to-one basis to find an interim solution that works for them – some may proceed with applying from lending from providers who do not require registration, some may wish to postpone their completion giving them more time to save, some may be able to move into their property on a rented basis until they are ready to complete the purchase.
Any remaining shared ownership homes will be available for buyers to reserve on a similar basis. Check out our website or contact our sales team for more info and property details.