More than 4000 key workers could be helped to own homes during the next eight years by a private company operating without public subsidy.
More Than Halfway There, a venture run by financial company Noah and launched on Tuesday, will buy homes in London and sell a 50% stake on to key workers earning £21,000 a year or more. Every year

for up to 30 years, the key worker would buy a further 1% through a small monthly charge.

The keyworker’s stake is capped at 80% so the home remains affordable in perpetuity.

More Than Halfway There has struck a deal with lender Britannia, which has designed a specially discounted mortgage, and with lawyers and insurance firms linked to the TUC. The TUC is expected to endorse the scheme.

The project’s creator, Edward Dugdale, said: “The infrastructure is in place and we are ready to begin.

“We are in discussions over various projects and, taking the worst case scenario, we expect to help 4000 people in eight years.”

Source

Housing Today