A north of England firm that claims to offer a more affordable route into home ownership than available with a conventional mortgage, is now on the look-out for developers to work with in London.
The Genie Home Purchase Plan allows buyers to enter into a long-term payment plan of 25 to 30 years, which sees purchasers acquire an increasing share in their homes over time. No deposit is required.
During the term of the contract they have the same rights and responsibilities as someone who purchased their home with a conventional mortgage and will own the property outright on completion.
Now Genie is seeking partnerships with London developers to deliver 2,000 new homes in the capital over the next 10 years.
The company has signed a deal with the Greater London Authority which will see it access up to £40m of loan finance to deliver the properties.
Meanwhile four areas of the capital have been given special status as housing zones. More than 12,000 new homes - 3,500 of which will be affordable - will be built in Havering, Enfield, Redbridge and Tower Hamlets.