Are you looking to get a Bracknell foot on the ladder but don’t have the readies for a full deposit – then why not come buy with us?
Bracknell Forest Council will be launching a new scheme called BFC My Home Buy this autumn to give first time buyers, who have lived in the borough for at least five years, a flying start into purchasing their own home sweet home.
The Bracknell scheme is one of the first to be launched in the country to give first time buyers a real choice in what type of home they purchase by sharing the purchase with the council. All those who apply will have to show their ability to raise the mortgage on the share they want to buy.
The homes can be old or new but may only have one bedroom more than the applicant needs – for example a married couple could look at one and two bedroom homes but a family consisting of a mum, dad and one child could look at two and three bedroom homes.
Once the first time buyers have found their dream home, the Bracknell council will purchase the property, subject to the usual checks associated with home-buying, and will sell the applicant a percentage of the home based on what they can afford. The council will charge a rent on the share it keeps which will increase up to a maximum of 5 per cent five years after purchase.
Simon Hendey, chief officer for Bracknell housing said: "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. This new scheme will help first time buyers get their own home without having to save for years and years for a ridiculously high deposit."
Cllr Dale Birch, executive member for adult social care, health and housing, said: "The council is committed to helping its residents find suitable and affordable housing and to this aim it has just reviewed its housing strategy to include the new BFC My Home Buy scheme.
"Schemes like this are essential to help people find a suitable home while keeping the borough’s social housing free for those people who genuinely can’t afford to buy.
"The new scheme also has the added bonus of the council being able to invest in property and getting a return on this investment in years to come. Plus it provides first time buyers with a bit more protection should the worst come and they lose their job or can’t pay their mortgage as the council will be able to immediately intervene and point them in the right direction of the relevant financial help schemes."
Bracknell Forest Council