HOW DO I QUALIFY FOR THIS SCHEME?
• Your gross annual household income (combined) must be less than £60,000 per annum
• You must live in the borough of North Tyneside currently and must have done for a minimum of five years OR you must work in the North Tyneside area
• You currently don't own your own home
HOW IT WORKS
When purchasing a home using the discount market scheme, your price will be capped at 65% of the open market value of the property, and the remaining 35% will be held in perpetuity by the North Tyneside council.
Market Value £234,464
Price you pay: £155,000
Discount (35%): £83,464
If you were to re-sell the property, first you must offer the sale to the North Tyneside council, for a price not more than 65% of the open market value.
These homes are not available to investors or buy-to-let parties.