Winchester City Council launches myhome Partnered Home Purchase Scheme
Winchester City Council is supporting residents taking their first steps on the housing ladder through myhome -the Partnered Home Purchase Scheme launched this month.
The pilot-scheme offers residents the chance to choose an open-market home which the Council buys. Those participating lease a 50 to 70 percent share back from the Council and pay the authority a rent on the part they don’t own. Interested applicants who meet the eligibility criteria can make an online application to Winchester City Council. If their application is successful, they will be accepted onto the scheme subject to a satisfactory financial assessment with an independent financial advisor.
The Council purchases the buyer's chosen property outright, and leases a share (between 50%-70%) to the home buyer through a 125 year shared ownership lease. The home buyer will obtain a mortgage for their share of the property, and pay a monthly rent to the Council on the remaining share.
There are conditions that anyone who applies must meet: anyone applying cannot already own a property; the chosen home should be within the Winchester District; have one or more bedroom and be worth up to £450,000. The home should also be acceptable for mortgage purposes.
The scheme will first be piloted to a limited number of households. Applications for myhome will be assessed through a points system. Places on the scheme will be given to the eligible applicants who score the highest number of points - subject to satisfactory financial assessment with an independent financial adviser. Residents of the District, first time buyers, those who work in the District, and key workers will all achieve points towards the scheme criteria.
Winchester City Council’s Portfolio Holder for Finance, Cllr Guy Ashton said:
“We want to ensure that this scheme will be a success which is why we are running a pilot for a limited number of home buyers. This is a ‘double-win’; the scheme will support those who contribute to our local community by helping them get on the housing ladder, and it will also deliver a financial benefit to the Council. If it is as successful as we are sure it will be we’ll invest further to support those who want to live or work in our District.”
To register for myhome call 01962 848 075. Further information regarding the terms and conditions is available on www.winchester.gov.uk/myhome