Houses for rent in £7.6m scheme

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HOUSES for rent and sale are available at a new £7.6m housing development in Corby.

The scheme has been built by Riverside Home Ownership (RHO) with £3.1m from the Homes and Communities Agency’s Kickstart programme.

A show home at The Castles, off Rockingham Road, where a total of 67 homes are being built, was opened by town mayor Gail McDade last week.

There are 17 houses which are available on a shared ownership scheme with options to buy from 25 per cent of the sale price and to pay rent on the remaining share.

RHO head of sales Matthew Elsegood said: “Shared ownership is aimed at people who want to be homeowners but cannot afford to buy outright on the open market.

“It is easier to obtain a mortgage for 25 per cent share of the value of a property than the full 100 per cent as purchasers only need to find the deposit for the share they are buying.

“Some lenders are now offering 95 per cent mortgages for shared ownership schemes. Buyers have the option to buy further shares and eventually become outright owners.”

The housing development was named The Castles because it is near Rockingham Castle. Those involved in the scheme include RHO, Corby Council and Westleigh Developments.

All of the properties have been designed to improve energy efficiency and have been fitted with solar panels for heating the water, double glazing and rain water butts which will help residents cut their utility bills.

The show home at the development has been designed with a beach theme.

A spokesman for RHO said: “Our team wanted to continue the theme of the (sand) castles by launching the show home as a home by the sea and that’s a bit ironic as the property is about as far inland as you can get.”

RHO is a division of Riverside, one of the leading social housing and regeneration organisations in England, which owns or manages about 50,000 homes.

The company began providing shared ownership properties in 1996 and also builds sheltered and supported housing for the elderly and the homeless.