Homeownership Assistance scheme launched for Elmbridge residents and workers

First-time buyers could get help to afford to buy a home of their own under a new homeownership initiative launched today by Catalyst Housing Group in partnership with Elmbridge Borough Council. Eligible applicants could get access to a low-interest loan of up to £70,000 to make their aspirations of homeownership a reality.

The Elmbridge Homeownership Assistance Scheme , is open to people that have an Elmbridge ‘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 40% of the value of the property up to a maximum of £70, 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, must either currently live or work in Elmbridge, have an income of less than £60k per annum and fall into ONE or more of the following specified Elmbridge Borough Council -related categories:

  • Be an existing social tenant
  • Be a first-time buyer
  • Be experiencing a major change of circumstance affecting their housing, such as a relationship breakdown or prolonged illness

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 Elmbridge Borough Council.

Councillor James Browne, Cabinet Member for Housing at Elmbridge Borough Council said: “This is a genuinely innovative and exciting scheme designed to address one of the fundamental housing problems which this area faces: the fact that high property prices make it very difficult for people to take their first step onto the property ladder. I am delighted that Elmbridge is one of the first councils in the South East to take part”.

To find out more about this scheme please contact Catalyst Housing Group, on 0845 601 7729 or email equityloans@chg.org.uk