Successful launch of affordable homes in Swansea

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by Lin Freestone

Shares in affordable new apartments in Swansea’s £200m SA1 Waterfront development are being put on the market for as little as £33,750.

Hundreds of people turned up this week at the launch of the apartments by Gwyr Homes at an open evening. This was the first time that application forms had been made available to prospective purchasers of the 22 two-bedroom apartments at Llys Hafan.

Before they are eligible to buy one of the apartments, applicants must demonstrate that they cannot afford to fund a mortgage for a similar property in the area.

The success of the launch, especially in the current economic climate, is attributed to the quality of the apartments on offer. A show apartment at the development was well received by prospective purchasers on the launch night.

Gwyr Homes has developed a pioneering financial purchase model for buyers of the apartments at SA1. Buyers can purchase 25% of a property and pay rent on the remaining 57%, with Gwyr Homes retaining 18% of the property. A 25% mortgage starts from £33,750, with rent from £86.77 per week.

A similar deal is available with the chance of buying 50% of the property, with mortgages starting from £67,500 with rent from £47.83 per week.

The last option is full retained equity at 82%, with no rent payable, and prices starting from £110,700.