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Sunday, February 26, 2012

Getting on the Property Ladder

Getting on the Property Ladder in Bracknell just Became Easier

If you have been living in the Bracknell borough for a minimum of 5 years then help is at hand for first time buyers trying to step onto the property ladder. This is due to Bracknell Forest Council putting on a range of schemes.

These schemes include My Homebuy and Cash Incentive schemes. The My Homebuy scheme enables first time buyers to afford an equity share in property.

The second, Cash Incentive, is for those in social housing and is a grant of £38,000. This means they will be able to purchase their own properties and get the all important foot on the ladder.

To be eligible for the schemes applicants must have been living in Bracknell for 5 years, must be over 18, have an income of between £20,000 and £60,000, work a minimum of 16 hours a week, be a first time buyer and also have a good credit history. Applicants must also have enough money to be able to afford the deposit on a property and be able to cover any purchase costs.

The Chief Officer for housing, Simon Hendy stated, “There are lots of people in the borough who are earning good salaries but because banks are demanding such huge deposits they are struggling to get a foot on the ladder. These schemes will help first time buyers secure their first home and help support the local housing market.”

This will be a great boost for first time buyers who are currently stuck paying high rental yields due to the competitive natural of the rental market and add on costs such as rent deposits and tenants insurance.

The council is committed to finding reasonable and affordable housing for first time buyers in the area according to Councillor Dale Birch.
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