Home ownership scheme launched for South Oxfordshire residents and workers
30/11/2010
A new home ownership initiative has been launched by Catalyst Housing Group in partnership with South Oxfordshire District Council.
This will help eligible first time buyers to afford a home of their own by offering access to a loan of up to £50,000 to boost their affordability. The initiative, is open to people that have a South Oxfordshire ‘live or work’ connection and offers the possibility of a low interest-only loan that allows aspiring homebuyers, currently priced out of the market, the opportunity to take that first-step on the property ladder.
This scheme is ‘open market’, meaning that the buyer can select a property of their own choice i.e. via an estate agent, property website etc. This can also include new build properties as long as they are not associated with any other homeownership initiative.
The scheme works by providing a flexible loan of 15% to 50% of the value of the property up to a maximum of £50, 000. The amount of loan available will be calculated on a case-by-case basis and may be considered by some lenders as a deposit.
To be eligible for the scheme households have to fall into ONE of the following specified South Oxfordshire District Council -related categories: • An existing social tenant • Currently living in the District • Currently employed in the District • Those experiencing a change of Circumstance
Before applicants are allowed to proceed, a satisfactory affordability assessment must be obtained from an approved Independent Financial Advisor and the proposed property must be approved by Catalyst. Buyers also need to have adequate savings to cover any purchase costs and deposit if required.
Funds are limited and will be allocated on approval from South Oxfordshire District Council.
