100 families take a step up the property ladder

Date article online: 01/04/2008

One hundred families from Rochdale and Oldham whose homes were earmarked for demolition have taken advantage of an innovative scheme giving them thousands of pounds of support to buy new homes.

The Home Plus Plan, offered by the Oldham Rochdale Housing Market Renewal Pathfinder, helps residents to bridge the gap and buy a new home.

The scheme offers people affected by clearance up to £35,000. The percentage borrowed only has to be re-paid once the new property is sold in the future or transferred to a new owner. Unlike other loans, nothing has to be paid before then.

So far, more than £2.5 million has been accessed by Rochdale and Oldham residents. When the loans are repaid, the money from the scheme, which is managed by West Pennine Housing Association, will be recycled in the future to benefit more local people.

The Pathfinder is building thousands of modern homes to encourage people to stay in the area rather than leave, preventing a spiral of decline. The Pathfinder was recently awarded £90 million for the next three years.

Lee and Michelle Wild, of Kirkholt, are a couple who have benefited from moving to a new home in Nevis Street just a short distance from their previous property. The pair have moved from a two bedroom to a three-bedroom property.
Mrs Wild said: “Knowing how much we had to spend, we could then go house hunting. Once we had decided where we wanted to move to everything was organised for us.” Both Mr and Mrs Wild were very impressed by the service they received. And the move itself went very smoothly.

Housing Market Renewal paid all the couple’s valuations, solicitors and removal fees. Having paid off a mortgage they were glad they didn’t have to borrow more to get the house they wanted.

Mr Wild, an alarm engineer was born on the Kirkholt estate, and didn’t want to move away. His new next-door neighbour is someone he’s known for 30 years. He said: “In the long term I think the changes will be good for the estate. We’re very pleased with the house.”

Alastair Graham, Director of Oldham Rochdale Housing Market Renewal said: “It’s fantastic that we’ve reached the 100 milestone and so many people have been able to benefit from the Home Plus Plan. It is a win-win situation as they only pay back the percentage borrowed when they come to sell in the future and that money will then be pumped back into helping more people in the area.”