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Still time to get help to own your own home

News release 9817, published on 30 Oct 2020
There’s still time to get on the housing ladder with Basingstoke and Deane Borough Council’s equity loan scheme.

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.

Loans have been successfully offered to a number of applicants who can now move forward and buy their own home.

And there’s still time for more people to come forward and unlock this exciting opportunity to receive a loan to buy a new or an existing home and get on the housing ladder.

Those who are under 35 will be given priority along with those who have been on the housing register for the longest period of time. It is also 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.

“I am delighted that a number of applicants can now move forward and purchase their homes and that we can offer this opportunity to more people, maybe those who have been considering the scheme but have not yet got in touch. I would encourage people to contact us and talk through their options with our officers. Own Home Loan is designed to open doors to home ownership that otherwise may have been closed.”

For more information on Basingstoke and Deane Own Home Loan visit www.basingstoke.gov.uk/own-home-loan   Applications close on Friday 13 November 2020.

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