Housing scheme helps first time buyers to find homes in Bracknell Forest
10 June 2014
The Bracknell Forest Council My Home Buy scheme, which has successfully helped 24 first time buyers to buy their dream home, is now in its third year.
The council is expecting to help at least five first time buyers buy a home before the scheme closes in March 2015.
The equity share scheme, which helps to support the local housing market, has been developed to help people who cannot afford to buy a home outright.
Cllr Dale Birch, executive member for adult services, health and housing, welcomed the launch of the scheme. He said: “We all know the property market is racing at the moment, so I am really pleased that the council scheme will help first time buyers get a foot on the housing ladder.”
The scheme enables home buyers to buy a share in a property of their choice, with their own deposit and mortgage, and pay rent on the unsold share to the council.
The share in the property is bought in the form of a lease, at a minimum of 50 per cent, rising to 75 per cent, and the council retains the remaining equity in the property.
The My Home Buy scheme is available to residents on a first come, first served basis. Buyers will need to show they are employed for at least 16 hours per week with an annual income of between £20,000 and £60,000. Home buyers will also have lived continuously in the borough for five years.
For more information about the scheme go to http://www.bracknell-forest.gov.uk/helpwithbuyingahome or call Janet Weekes on (01344) 351198 or 351353.