Home   Gravesend   News   Article

Homebuyers to get deposit help from council?

gravesend civic centre 1
gravesend civic centre 1

First-time home buyers are set to get council help onto the housing ladder.

Gravesham council is expected to agree to provide a £2million pot when it meets on Monday night.

The scheme could help around 100 new housebuyers in the community.

Councillors will top up housebuyers' deposits to meet lenders' demands. Currently, the banks demand about 25% of the house price.

The council will find half the money from its cash resources, with Kent County Council providing the remainder.

In a report to councillors, finance chief Julie Gibbs said: "The turmoil in the financial and banking market has had a severe impact on both the local economy and on local housing.

"First time buyers, in particular, are struggling to provide the substantial deposit now required by mortgage providers."

She hopes the Gravesham scheme will release more affordable housing in the borough, and boost the local economy.

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More