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Jazzer summed it up beautifully, Emma’s big idea…
I’d love to see them get a house, it is probably not realistic. Although hopefully Adam will employ Ed. That might make it a more realistic prospect.
Unfortunately, Adam employing Ed could make things worse. Although it would be a steady income, Ed should be able to earn more over a year as a whole as a contractor with his own kit than as an employee. He still has to pay the loan on his tractor; what could be real a problem is if he takes the job, sells the tractor, uses that money to pay for the house, and then loses the job at Home Farm, and then can’t pay either mortgage or remaining tractor loan.
Don’t even get me started! Ed & Emma are very typical candidates for shared ownership, which, if the local planning authority had any sense, they would have insisted on as part of the affordable housing contribution on the site. They could buy somewhere between 30 and 50% of the value of the house, rent the remainder and buy additional shares if they were able to later on. And importantly, it protects them if their income goes down as their exposure to the mortgage is lower.
If I were negotiating the affordable housing contribution for Borchester District Council, I would have pressed for full on-site provision, most likely somewhere around 30% of the homes. At least half should ideally be for rent, with the remainder ideally shared ownership. It sounds from Emma’s conversations with Justin that they might be Starter Homes which are discounted by 20% from market values. However, government policy on these issues has shifted since the site was first proposed.
I hope they can get an affordable home on the site, and that Clarrie and Eddie and Joe get one of the affordable rented homes.
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