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Nathalie beats the Credit Crunch

When Nathalie and Graham Beckett decided they wanted to stop losing money on rent and get onto the property ladder, they realised it would be hard to save up for a deposit. The couple beat the credit crunch and moved into an attractive, affordable home at MHO's iBuilding development.

Nathalie, who is a teacher in London, searched online for key worker HomeBuy schemes, and came across Housing Options. Housing Options is London’s free one-stop service to help customers find government funded affordable homes to rent or buy.

“I applied to Housing Options online,” says Nathalie. “It was very easy to use, and I would check it regularly. I received emails from different housing associations about homes I could apply for. When I received MHO’s email about the iBuilding in Croydon, I was extremely interested and decided to have a look around it.”

“We liked the iBuilding because it is only a 10 minute walk from West Croydon train and tram station,” says Nathalie. “We were renting a two bedroom flat in Merton, but it was above a shop and we had to access it by a metal staircase. We wanted to start a family, so we needed somewhere safer. The iBuilding has a lift and our flat is brand new. We were lucky to be able to buy it.”

Nathalie and Graham were paying £725 per month in rent for their previous flat. At iBuilding their monthly payments are £636 for a two bedroom apartment. “We’re also saving money in bills, because we had to pay for parking before but at iBuilding we have our own parking space.”

Metropolitan Home Ownership (MHO) has a range of great brand new apartments in the stunning iBuilding on London Road. Key workers and Croydon residents have the option of buying a new home through the London Wide Initiative (LWI). Under the LWI scheme, people can buy an apartment for only 72.5% of the current market value. The government funds the remaining 27.5%, and customers like Nathalie only need a 5% deposit. Home owners will only need to pay the government its 27.5% back if they sell the property.

The iBuilding’s stylish city apartments are perfectly located within Croydon’s flourishing urban scene. The contemporary yet elegant design features graduated tiers ranging from five to nine storeys. Wide entrances and corridors create a fantastic sense of space and light, and the private lobbies each serve just a few apartments to provide privacy and security. West Croydon station is within walking distance and the cosmopolitan town centre, with bars, shops and restaurants in and around the high street.

Bernie Conroy, Director at MHO, said “Our affordable new homes in Croydon are of an exceptional standard with great design. These apartments are available to rent and buy, and we’re proud to be able to offer the flexibility of these two options to suit the different needs of different people.

“It’s a great time to buy in Croydon because the new East London line extension will provide fast connections to London’s Docklands from 2010.”

MHO has homes available through Intermediate Rent which means customers can rent a brand new or refurbished home at less than the market rate. 1 bedroom apartments are built to a high specification and are available to rent for £559 per month, which is 20% lower than the current market rent. For £671.43 key workers can buy a 1 bedroom apartment through the London Wide Initiative.*

There are also 1 bedroom apartments available for part-buy part-rent, also known as shared ownership or New Build HomeBuy. Croydon residents and London-based key workers can now buy a 35% share for as little as £42,000, with monthly costs of approximately £550.**

Notes:
All details and figures correct at time of print, April 2010
* Total monthly cost calculation for LWI based on 100% mortgage at average 6.85%.
** Total monthly contributions calculation for NBHB based on a 35% share, with a 90% mortgage at average 7.89%

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