Affordable Home Ownership

First time buyers may not only find it difficult to secure a mortgage but also the large deposit required, which can be up to 20% of the value of the property.

The Council has piloted a scheme in Milford where up to 50% of the property value  was loaned to households whose annual income was on or below £30,000. The loan is only repayable when the householder leaves the property. This scheme met the affordable housing definition as it was targeted at households earning average or below average incomes with a mortgage  less than 25% of their income. The scheme proved to be extremely successful and further schemes were introduced covering Langley Mill, Somercotes, Alfreton and  the current Heanor West Scheme.

The Homes and Communities Agency (HCA) provide support for a number of initiatives aimed at helping people buy a home (normally for the first time). The initiatives include 'shared ownership' schemes for new and older properties and equity loan schemes. HCA also support housing association tenants to purchase the property they currently live in.

A number of private developers are now offering their own equity loan schemes in an effort to create movement within the housing market.



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