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News

Help For First-Time Buyers

The Borough of Poole has launched a new scheme to help first-time buyers get a foot on the property ladder and to bring empty properties back into use.

The 'Unlocking the Potential' programme is administered by Borough of Poole’s Housing and Community Services. It offers either a deposit loan or a grant to eligible first time buyers to enable them to purchase or renovate a long-term property that has been empty for six months or longer.

The grant could cover up to 80% of the cost of the works to reach the Governments ‘Decent Home Standard’ and will be owner occupied upon completion.

Applicants must have a minimum 95% mortgage offer in principle and must have savings of less than £6,000 to qualify. Occupation conditions will apply.

Alternatively, first-time buyers with the same criteria could apply for a deposit loan for a long-term empty property. The deposit will be paid up front and will only need to be repaid when the property is sold.

The condition of the loan is that the property must achieve the Decent Homes Standard within 18 months of occupation. The Council’s surveyor will determine what level of work is needed to achieve the standard at the outset and a prepared schedule will be given to the applicant at the time of the deposit offer. A legal charge will be placed on the property.

Cllr Elaine Atkinson, Portfolio Holder for Housing and Well-being, said “With interest rates and house prices rising it is becoming increasingly difficult for average income first-time buyers to break into the property market. Properties that were once thought of as affordable, are now out of reach for many buyers. This scheme not only assists first time buyers but fully illustrates the Council’s commitment in enabling people to bring long term empty properties back into use. We hope this scheme, along with our other low cost ownership housing initiatives, will help first-time buyers to get onto the property ladder.”

Simon Hendey, Head of Housing & Community Services, remarked “Our Scheme is a win, win, win situation, an empty property in a community is brought back into use as a home, the property is repaired and renovated to a good standard and a first time buyer is helped to buy their own home”.

Estate Agents in the area have been contacted and have details of the scheme to assist those looking for suitable empty properties.

Lisa Gaskell, Communications Co-ordinator
Tel: 01202 633060