Help to get you on the housing ladder
September 28, 2010
A scheme which will help first-time buyers move into the house of their choice will be officially launched this weekend.
Bracknell Forest Council will launch BFC My Home Buy on Saturday, October 2, and will give potential buyers the chance to find out how the scheme works.
The pioneering initiative allows people to find a house of their choice and buy it with the council’s help.
The council will buy the house, up to a certain price, and then sell a share of the property, whatever the successful applicant can afford, back to the eventual householder.
The council will then charge rent on the share it keeps until the applicant can afford to buy it, or until they chose to sell.
If they move without buying the council’s share of the house, the council will get a portion of the proceeds of the sale, depending on the share of the property it still owns.
More detail on the limited numbers scheme will be available at the launch event, as will the council’s housing experts who will be able to explain about eligibility to the scheme and more.
Simon Hendy, the council’s chief officer for housing, said: “This is yet another way of helping people find the most suitable home for them.
“We know many younger people and those who are renting can afford mortgage repayments, but the problem is getting a big enough deposit to secure the loan.
“This will provide a solution to that problem, while offering first-time buyers a choice of where they live.”
The launch event is on Saturday at Bracknell Leisure Centre in Bagshot Road, from 10am to 4pm.