New loan to help first time buyers

Chichester District Council is setting up an 'equity loan initiative', which can help first time buyers, or families in need of larger accommodation, purchase a property.

"The Chichester District has some of the highest house prices on the south coast and we want to do everything we can to help people find homes," says Cllr Janet Duncton, Cabinet Member for Housing and Planning at Chichester District Council.

"Our equity loan initiative will help first time buyers not only get on the property ladder, but also to stay in the Chichester District. It complements the Government's First Buy Equity Loan Scheme, which can only be used to purchase newly built homes from certain providers. However, our loan will not be limited in this way as it can be used for any property in the district as long as it fits within the criteria set out."

Details of the scheme are still to be finalised, but the council is encouraging people to register their interest now.

Applicants for the loan must:

• be 18 or over;
• be unable to afford to buy a property in Chichester District;
• have a local connection to Chichester District;
• be able to access a commercial mortgage to pay for a minimum of 75% of the purchase of the property; and,
• not have an interest in any other property.

For more information please contact Rob Dunmall in Housing at Chichester District Council.

Date: 12 January 2012

Reference: 3053