Falcon Communities, an affordable housing promoter, is considering a proposal to deliver a small-scale scheme of affordable home ownership houses in Godalming & Farncombe, suitable for first time buyers with a local connection to the Parish.

 Falcon Communities has independently commissioned Surrey Community Action to carry out a housing survey to establish if there is a local need for affordable home ownership in Godalming and in particular homes that are discounted from normal market values.

 The term affordable home ownership refers to a number of products that have been classified by the Government and include discount market sale, shared ownership, shared equity and possibly First Homes (which the Government are currently consulting on) For further information on affordable home ownership please click here.

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* 1. Were/are you considered an 'essential worker' during the Covid 19 pandemic?

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* 2. Are you currently servicing as a member of the British Armed Forces or have you been medically or honorably discharged within the last 2 years?

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* 3. Are you a first time buyer

Affordable Home Ownership Options

One of the affordable housing tenures being considered are homes that are discounted from normal market values (Discount Market Sale). Discount Market Sale is a home ownership product, aimed at local residents who are on lower incomes and unable to afford the cost of normal market housing.

The houses are discounted by a minimum of 20% of open market prices and there are often links to local incomes levels to ensure the properties are affordable for those they are intended for. There is normally selection criteria attached to the homes such as having a local connection to the area and maximum income levels. 

Shared Ownership allows the purchaser to buy a share of a home (between 25% and 75% of the home's value) through a mortgage and pay rent on the remaining share, as well as any ground rent, or service charge. As the purchaser only needs a mortgage for the share they are purchasing, the amount required to put down for a deposit is usually lower than if the house was purchased outright. Whilst owning the property, the purchaser will be able to increase their share of the ownership whilst reducing their rental payments – this is know as staircasing and can often be all the way up to 100% ownership.

Shared Equity - To help buyers get onto the property ladder, many New Home Builders and Housing Associations now offer shared equity schemes, allowing more people to purchase their own home with only a 5% deposit.

The Builder or Housing Association provides an equity loan (often interest free for the first 5 years) of between 10-25% of the property’s value, meaning you only need to obtain a mortgage for between 90% and 75%. You maintain 100% ownership of your home and repay the loan upon sale of the property. 

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* 4. Would you be interested in any of the following home ownership options?

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* 5. Please rank in order of preference.

Custom build homes are where individual/s works directly with a Developer to build and construct their own home, on a serviced plot of land that has pre-agreed planning parameters, such as size, scale, height and build materials. The Developer will manage the design and construction of the home, as well as to assist in arranging your finance, whilst the purchaser can tailor the design within the parameters of the planning regulations to match their individual requirements. Further information can be found here What is Custom Build

Custom Build is a hands off approach to designing your own home and should not be confused with self-build homes that require the individual to construct, manage and finance the build by themselves.

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* 6. Would you be interested in buying a Custom Build Home, whereby you work with a Developer to build and design your own property?

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* 7. Have you registered on Waverley Borough Council's Self and Custom Build Register?

You can register with Waverley using this link Self and Custom Build Register
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