Gentoo’s Genie aims to help Wearsiders onto the property ladder

Ian and Sue MacDonald outside their new Doxford Park home thanks to the Gentoo Genie scheme.
Ian and Sue MacDonald outside their new Doxford Park home thanks to the Gentoo Genie scheme.
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A GENIE is set to make home-buyers’ dreams come true.

Property firm Gentoo is rolling out an innovative new scheme aimed at giving first-time buyers a leg-up on the property ladder.

The “Gentoo Genie” scheme is aimed at people who want to buy a home of their own, but don’t have a deposit.

Peter Walls, chief executive of Gentoo group, said: “Genie has been in development for two years and we believe it addresses one of the major housing issues of our generation.

“It removes two significant barriers to homeownership – the need for a large deposit and a mortgage.

“Most importantly it offers people the accessibility of renting and the peace of mind that comes with the secure long-term residency of home ownership.”

The Genie scheme has already been piloted on three Gentoo properties in the North East.

Gentoo said research shows 64 per cent of 20 to 45-year-olds believe they have no hope of ever owning a home – but Genie will provide a new solution to the problems would-be buyers face.

Mr Walls said Genie would offer a “completely new consumer choice for the future” when it comes to buying property.

Genie works by allowing buyers to acquire an increasing share in their property through a 25-year payment plan.

Mr Walls said: “Genie purchasers have the same rights as a traditional homeowner and pay a monthly residency fee which is adjusted every five years.

“The home purchase plan is fully flexible so Genie purchasers can opt out of it at any stage by selling their accumulated shares back to Gentoo or putting the property on the open market.”

Genie is now available on 60 new-build homes.

Mr Walls said Gentoo intends to increase this to 100 properties by the end of the year, with ambitions to take Genie nationwide.

The firm is hoping to make it available in four more locations by the end of next year.

For more information on the scheme click here, call at one of Gentoo’s sales offices or tel. 0845 601 7599.

How pilot helped us land our home

WHEN Ian and Sue MacDonald (pictured) moved into their new home under the Gentoo Genie pilot, it ended years of renting and house-hunting.

The couple took over their new house at Beckwith Green in Doxford Park last year.

Ian, 41, and Sue, 47, had been looking to buy a property for three-and-a-half years.

Ian said: “When we heard about Gentoo Genie it seemed like the perfect solution for us.”

Sue said the credit-crunch had made it impossible for them to secure an affordable mortgage deal.