Own Home Loan scheme
Basingstoke and Deane Own Home Loan scheme is aimed at people living or working within the borough, to assist them to take their first steps on the property ladder.
The scheme is modelled on the Government’s existing Help to Buy: Equity Loan scheme, but the Own Home Loan scheme allows successful applicants to purchase existing homes, not simply new build properties.
A total of £580,000 has been made available from the council’s unspent affordable housing contributions, which will allow for up to 20 households to borrow up to £30,000.
The application period for the scheme opened on 24 January 2020 and lasted for eight weeks closing on 20 March 2020.
There was a healthy demand for the scheme, with over 80 applications in total.
I applied for the scheme, what happens next?
Applicants who met the qualification criteria are now being contacted – with the 20 applicants aged under 35 with the earliest housing register application date being awarded initial priority for the scheme.
The remaining applicants who met the qualification criteria will be placed onto a reserve list.
We partnered with Parity Trust to deliver the scheme, and they will be conducting independent financial assessments on the successful applicants to enable them to secure a mortgage.
We will also remain in close contact with successful applicants to assist them in the purchase of their first property.