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.
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by Simon Rowe
12th March 2013, at 13:29:23
Welcome, but a drop in the ocean.
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!
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.
by geoffrey clynch
11th March 2013, at 18:07:34
another government scheme to put you in their debt
by Mr Justice
11th March 2013, at 17:33:52
Dozens eh? That will be 24 max.
Any views or opinions presented in the comments above are solely those of the author and do not represent those of the Isle of Wight County Press.
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