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Apr 24 2013

Borough is Helping 1st Time Buyers

Letter to Uxbridge Gazette:

I AM a supporter of the Yes To Homes campaign. It is the duty of government, both central and local, to help assist young people to make their own way in the world, whether that be providing them with school places and access to education or supporting them with the realisation of the dream of home ownership.
The housing shortage is a problem that has not been addressed by successive governments, and action must be taken to rectify this.
That is why I was pleased to hear the Chancellor’s announcement in this year’s budget that the government is committed to tackling this problem with the launching of the Help To Buy scheme, which will enable first time buyers to take a mortgage of 75 per cent of a property if they can provide a five per cent deposit, with an interest free loan topping up the difference.
The Chancellor also announced the mortgage guarantee scheme to enable more people to obtain a home loan without the need for an impossibly large deposit.
In Hillingdon we have played our part, with our own first-time buyer scheme for residents, which includes a grant of 7.5 per cent of the price of the property you buy, therefore reducing the amount of mortgage you need as well as the annual household income required to access mortgages.
Home ownership is a dream that all young people should aspire to, and while there is much more to do, I believe that these schemes are a step in the right direction for the young people of Hillingdon.
Cabinet Member for Central Services
Civic Centre, High Street, Uxbridge

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