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Get on the housing ladder with council home loan

News release 9663, published on 16 Mar 2020
Don’t miss out on the opportunity to apply for an equity loan scheme to buy your own home – that’s the message from Basingstoke and Deane Borough Council.

Earlier this year the borough council launched its landmark Own Home Loan scheme, enabling those on the housing register to make that next step and buy their own home.

Using £580,000 of council money allocated to provide affordable housing, the loan scheme aims to support younger people living or working in the borough, 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.

Priority is given to those under 35 and those who have been on the housing register for the longest period of time. The loan is available to single people, couples and those with children and can be used to purchase a new build or existing home.

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 deposit, the market can seem just that bit too far out of reach, and yet they do not qualify for any support. It’s great to hear there has been a lot of interest in our landmark equity loan scheme and I’d like to remind people there is still time to get in touch and apply by Friday 20 March.”

Applicants must prove they:

• are living or working in Basingstoke and Deane and registered on the council housing register

• have a household income under £50,000

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

• be able to provide a 5% deposit

• pass an external financial assessment.

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.

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  before Friday 20 March.

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