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Housing fund recommended

By David Newble

Monday, March 11, 2013

A SCHEME that could help Isle of Wight residents get a foot on the property ladder has been recommended for approval.

The Isle of Wight Council is due to set up a £1m First Time Buyer Fund it has said could help dozens of people purchase their own home.

A delegated decision report published today (Monday) recommends the authority approves the scheme, which it hopes will also boost the housing market and the wider local economy.

The £1m fund will help first-time buyers struggling to raise a deposit.

The council will lodge the £1m with a partner bank and will receive interest on the cash. It will be returned after five years, less any money that has been used used through acting as guarantee to any mortgage defaulters.

The final decision cannot be made before Tuesday, March 19.

Reporter: davidn@iwcpmail.co.uk

Comments

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by Simon Rowe

12th March 2013, at 13:29:23

Welcome, but a drop in the ocean.

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by T Rollingsworth

12th March 2013, at 12:42:53

I assume this is the same as the firstbuy scheme where the council effectively loan you between 5-20%?
Good idea, but it will no doubt be taken up by low-income single mothers on benefits instead of providing houses to families that can benefit the economy!

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by david walker

11th March 2013, at 18:27:22

just in time time for all the new properties about to be built on land sold ludicrously cheap by our fiddling council.

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by geoffrey clynch

11th March 2013, at 18:07:34

another government scheme to put you in their debt

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by Mr Justice

11th March 2013, at 17:33:52

Dozens eh? That will be 24 max.