New loan for first time buyers in Chichester

A new loan scheme is set to be introduced by Chichester District Council to help first time buyers in the district get on the property ladder.

CDC is calling the scheme an "equity loan initiative" which has the primary aim of helping first time buyers purchase a property but it will also help families in need of a larger home.

Naturally, any applicants of the loan must have all of a number of various qualifications and they are as follows:

Applicants 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.

The national average age for a first time buyer has recently increased to as high as 42 years old and with the price of housing in Chichester being as high as it is, one can only conclude that the average age in our city may be higher. 

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

"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."

What do you think about this potential scheme? Interest you? What do you think about the criteria for applicants? Let us know whatever you think.