In the second release, which occurred at the weekend (23 June), the area for eligible applicants includes those with a local connection in the neighbouring wards: Springbourne and East Cliff, Littledown and Iford, and West Southbourne. Individuals interested in buying an affordable home in Boscombe, who aren’t able to buy a home on the open market are encouraged to apply.
Applications have come in steadily since the homes were first released on 2 June, 2014. Completing the application form found online at Gladstone Mews is the first step of the process but does not guarantee you a home. Once the application comes in, it is checked against the qualifying criteria and an applicant must be able to prove a local connection to the eligible wards in order for the application to be accepted.
If an applicant does have the local connection, their financial eligibility is reviewed by Parity Trust. It is imperative that applicants are able to be secure the mortgage they will require for their share of the property.
As the purchase will require a minimum of a 5% deposit on 65% share , the minimum deposit required would be £5,850 on £117,000 which is 65% of one of the 2 bedroom terrace homes.Therefore a mortgage of approximately £111,150 would be needed.
Gladstone Mews 11 units will continue to be released to wider areas until all the units have been sold. So if you are eager to get on the housing ladder, don’t miss this opportunity.