Over 20 homes are to be opened up to the Rent to Own scheme at the Lynn Hall Park development in Bangor.
Lagan Homes Ltd, part of the Lagan Group, has announced its commitment to support and grow the scheme following the announcement that 22 new households are on the path to home ownership.
Conor Mulligan, managing director of Lagan Homes, says with the shortfall in supply and the growing demand for new homes, particularly with first time buyers, it is incumbent on the construction industry to support initiatives that will help achieve Northern Ireland’s challenging infrastructural need.
Commenting on the potential impact of the Rent to Own scheme and Lagan Homes commitment to support it, Mr Mulligan said: “We are
currently handing over the keys for our first Rent to Own properties in Lynn Hall Park Bangor with five new households moving in and another 17 to follow in the coming weeks. Initiatives such as the Department for Communities Rent to Own scheme is a policy intervention that can make a telling difference for first time buyers and young families in their aspiration to achieve home ownership.
“Opportunities in prime locations with great
infrastructure, amenities and access to local cities and towns will enable the Rent to Own scheme to flourish. That’s why the development at Lynn Hall Park in Bangor is ideal to support the needs of people looking to buy their first home and Lagan Homes is committed to playing its role in addressing our growing home ownership needs and enabling more people to avail of the Rent to Own scheme.”
The scheme was introduced in 2016 following a £12.5m investment by the Department for Communities and is targeted at supporting a range of households to buy their own homes.
Mark Graham, Chief Executive of Co-Ownership Housing added: “Rent to Own offers tenants a better option than renting, with no prospect of a return. Households now have the opportunity of renting a new home for up to three years and at the end receive a 25% rent rebate towards a mortgage deposit to purchase the property. This is an innovative way to support home ownership and I commend Lagan Homes in their commitment to supporting the programme.”
