The Self Build Homes Club is to run a special project in the UK throughout 2005, to help those who do not feel that they can obtain a home of their own, due to their income being insufficient and house prices so high, to find ways that they can if they wish become home owners.
This is in co-operation with the Affordable Homes Project, a non profit organization, a company limited by guarantee, that is to work with us and others to help further reduce the cost of new homes to those on lower incomes.
Background
In many cases throughout life when a person says that they cannot afford something it really means that they choose to spend the money they have on something else. With houses this is often not the case, in that a large percentage of the population are prevented from becoming home owners due to the multiple of income rules used by lenders. This has created a situation where the salary they have does not allow them to qualify for a mortgage, although they will often be tenants in buy to let properties, invested in by others, where the rent has to be set at atleast 130% of the mortgage payments.
Some people may be able to qualify to buy a home, but not a home of the size, to the specification and with the top fittings they desire, and there is nothing wrong with this, and for some of these people continuing rental maybe a sensible option. In some cases this may be due to a perceived difference in status between people who have different sizes and styles of homes. The self build route allows people to have a larger and better fitted out home at the same price, so these people may well feel that this option can solve their wishes.
Currently a percentage of people will fall short of being able to get a mortgage at the full price of a house, but would be able to get a mortgage to obtain a self build house, due to the discount usually approaching 40% normally and particularly where maximum savings are accrued, as a part of a group, this may be higher. In launching a project aimed at helping those who need additional special circumstances arranged, find that large percentage of the people who look at this in fact do not require this, but can select other self build options through the club that are already available to them.
A first stage report was produced looking at
Following this the need was identified as partly covered in the first stage report for a new non profit organization, specifically to aid the availability of low cost plots, to provide a means of obtaining lower cost land, and recycling the development margin in relation to the land value into allowing yet more new low cost homes to be produced, while also allowing those who used the route to retain the full uplift of property and land value. This new non profit organization, a company limited by guarantee is to work closely with us and is detailed in an article you can read by clicking here.
This section of our web site will continue this investigation further looking at costs of different sizes and type of homes, and ways that these can be made available to people who would not normally have thought they could have qualified.
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Self Build Homes Club is an international club
and trading title of Self
Build Homes Club llc. Local services
to serve members are commissioned for the club by New
Atlantis International Services Corporation.
All major commissioned companies involved, have New Atlantis trust status.