More first-time buyers can get support to buy a home of their own following changes to one of the council’s affordable housing schemes.

Ten first-time buyers have purchased their own home with the help of Basingstoke and Deane Borough Council’s Own Home Loan scheme, after it was launched in January 2020.

The scheme helps residents to buy their first home, with loans of up to £30,000 to reach the deposit required for a mortgage or to bridge the gap between their maximum mortgage offer and property purchase value.

This loan is interest free for the first five years. After five years, an interest payment of 1.75% per year is introduced and this payment increases every year to reflect changes to the retail price index. This is in line with the government’s previous Help to Buy scheme.

To help more first-time buyers get onto the housing ladder, the maximum purchase price of a property through the scheme has increased from £250,000 to £300,000 to reflect the challenges faced by residents looking to buy their first home in the borough.

When the Own Home Loan scheme launched in 2020, the average house price in the borough was £306,000. In September 2024, this rose to £363,000 and the average price paid by first-time buyers for a property was £284,000.

To qualify for support through the Own Home Loan scheme, residents must:

• Have a local connection to Basingstoke and Deane
• Be a first-time buyer and for the property to be their only home
• Have a household income of under £80,000
• Be able to provide a five per cent deposit and pass an external financial assessment carried out by the council’s partner, Parity Trust.

Cabinet Member for Residents’ Services and Housing Cllr Laura James said: “We are doing everything we can to speed up the delivery of affordable homes and provide more opportunities for low cost home ownership in the borough for residents who want to own their home.

“For many residents, buying a home of their own is out of reach because of the challenging housing market, including high interest rates and increasing property prices.

“Our unique Own Home Loan scheme aims to provide a helping hand for residents looking to buy their first home. We have listened to feedback from residents who have expressed an interest in the scheme and we hope the increase to the maximum property price will ensure more people can take advantage of this help to buy a home of their own in the borough.”

For more information on Basingstoke and Deane Own Home Loan visit www.basingstoke.gov.uk/own-home-loan