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Council loan to buy own home

News release 9622, published on 28 Jan 2020
Support to help people in the borough to get on the housing ladder through a council equity loan scheme is now available from Basingstoke and Deane Borough Council.

Using £580,000 of council money allocated to provide affordable housing, Basingstoke and Deane Own Home Loan aims to support young people to buy a new build or an existing home with deposits of up to £30,000 per application.

It is available to single people, couples and those with children who are on the housing register, with those who have been on the register for the longest time given priority. Those applicants under the age of 35 will also be given priority.

The loan scheme is the latest in a package of support being offered by the council to help people in the borough to get on the housing ladder. This includes hosting Help to Buy events, providing free help and advice to potential home owners.

People looking to apply for the Own Home Loan must submit applications by Friday 20 March.

They must:

• be living or working in Basingstoke and Deane and registered on the council’s housing register

• have a household income under £50,000

• be the first home that you have bought and your only home

• be able to provide a 5% deposit

• pass an external financial assessment.

Cabinet Member for Homes and Families Cllr Tristan Robinson said: “Home ownership is a dream and an 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 deposits, the market can seem just that bit too far out of reach, and yet they do not qualify for any support.

“Our landmark equity loan scheme will help local people on the housing register to get a deposit, giving them a step onto the housing ladder.”

For more information on Basingstoke and Deane Own Home Loan, including frequently asked questions and the application form, visit www.basingstoke.gov.uk/own-home-loan

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