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Published on 21 July 2022
Help for local people to buy a home in Chudleigh
Would-be house buyers in Chudleigh can take advantage of a shared equity scheme designed to help people get on to the housing ladder.
Under the scheme the Council will provide loan funding for a deposit to purchase a home in the parish of Chudleigh.
The loan would cover up to 25% of the purchase price, subject to a maximum home price of £250,000 for up to two bedrooms or up to £280,000 for three bedrooms or more.
Only people with a connection to Chudleigh, whose household annual income is less than £60,000 and who couldn’t buy without the financial help can qualify for support under the scheme. Applicants would also have to be able to get a mortgage to cover the remainder of the purchase price and be able to pay for normal conveyancing and house moving costs.
The Council has teamed up with Westward Housing Group which will manage the scheme, using funds from local developments where planning agreements require affordable housing lost to be replaced within the Chudleigh area in a way that benefits local people.
Priority will be given to people where a member of the household has a disability that would be helped through home purchase and to those downsizing, creating space for another family.
Executive Member for Housing, Cllr Martin Wrigley said: “This scheme is a way of helping people with a connection to Chudleigh to get on the housing ladder by buying a property in the parish.
“This will help people who could afford to make monthly mortgage payments but who don’t have the capital to put down an initial deposit.”