A formerly homeless couple have a chance to buy a house for £1 under a scheme to help key workers and others on to the property ladder.

Aaron Parsons, Tim Perry and Aaron Perry were among the first tenants to move in 12 houses at Wednesfield’s Wolverhampton development.

They become eligible for the £1 purchase on the 25th anniversary of moving in.

The project has spent £24m buying 100 properties.

Perry was a machine-press operator and said that he felt “ecstatic”. He added:[I’m]It still makes me feel numb. It is so bizarre. [I’m]”So blissfully happy.”

For “working families that cannot afford a deposit to purchase their dream home, Help to Buy was created by the West Midlands Combined Authority and the City Council.

Council claimed that the program provided rent security over long periods and enabled tenants to earn a “loyalty bonus” each month by making their monthly payments.

This can be taken as cash if they leave the scheme within 20 years, or they can buy the home for just £1 a quarter of a century after joining.

The 100 homes, which are being constructed on Lakefield Road in The Marches’ development, include a mixture of three-, four-, and two-bedroom properties.

Perry stated that the absence of a deposit appealed to him, and added “it’s pretty easy you can move into after paying only application fees.

He previously stated that he was “sofa surfing” on the couches and other stuff of his friends.

The initiative also includes key employees and NHS personnel.

The scheme’s developers claim that 86 out of the houses were offered so far to qualified applicants. Over 41% of homes will also be available to an individual who is a key worker.

While Help to Own does not provide social housing, the program is offered to those who need it. However, credit checks are required for anyone trying to climb up the property ladder.

The council has put £5.7m into the project, while the combined authority has contributed £4.7m.

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Source: BBC.com

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