A YOUNG family is looking forward to their first Christmas at home, thanks to a pioneering mortgage scheme.
Michelle Kilty, 25, a customer service advisor, and Jonathan Ward, 25, who works in debt management, have two children Lucy, three, and Jacob, five months.
Although desperate for a home, the couple were forced to rent as they struggled to save for a mortgage deposit.
But tomorrow, the family will wake up in their own home at St Catherine’s development, in Castletown, after signing up for a new scheme.
The Genie Home Purchase Plan is a 30-year homeownership scheme that doesn’t require a deposit or a mortgage, developed by Sunderland-based Gentoo Group.
Genie has been highlighted in Lord Adonis’s Economic Report for the North East, and the recent Resolution Foundation Report on Shared Ownership, as an innovative solution to the housing crisis.
Michelle said: “It was ideal for us as we didn’t have any deposit. It’s really hard to save. We’d tried but with two young children and renting, we just weren’t able to make any impact on a mortgage deposit at all. We’re thrilled everything has worked out so well and we’ll actually be in our own home for Christmas.”
Steve Hicks, managing director of Genie, said: “We’re delighted that Michelle, Jonathan, Lucy and Jacob will be able to celebrate their first Christmas in their own home thanks to Gentoo’s Genie Home Purchase Plan. The cost of living makes saving while renting virtually impossible for many who are aspiring to get on the housing ladder.”