Helping young people own a home of their own
On Tuesday (9 July) the council’s Cabinet approved setting up the scheme supporting young people to buy a home with deposits of up to £30,000 per application. The decision to approve the scheme with a budget of £0.580m funded from developers' contributions will be voted on by council on Thursday 18 July.
If approved, the equity loan will be available to single people, couples and those with children, with a priority for those on lower incomes of around £28,000 if a couple and £31,300 and below if a single person.
People applying must live in Basingstoke and Deane and be on the housing register, with those who have been on the register for the longest time given priority.
The borough council already supports events to signpost residents to existing home ownership opportunities and give free and independent advice.
The national Help to Buy scheme only supports those buying brand new homes. However, the local loan scheme will enable people to buy existing homes and help those who may not qualify for some low cost home ownership schemes but want to get on the housing ladder.
Cabinet Member for Homes and Families Cllr Tristan Robinson said: “Home ownership is a dream and aspiration for many young people across our borough who want to stay in the area where they grew up. For those working hard and struggling to save towards a deposit, the market can seem just that bit too far out of reach, and yet they do not qualify for any support.
“If approved, our landmark equity loan scheme will help local low to middle earning residents under the age of 35 to borrow up to £30,000 for their deposit giving them a step onto the housing ladder.”