RESIDENTS of the borough looking to buy their own home are being invited to apply to a £1 million equity loan scheme from the Council.

Hackney First Step offers an interest-free loan of up to 30% of the value of a new-build affordable home depending on its size, on a part-buy, part-rent basis.

The scheme is only available to Hackney Homes or Registered Social Landlord (RSL) tenants, or urgent or priority applicants on the Council s housing register, who meet the following requirements:

· a one-person household with an income of between £21,500 and £26,500

· a two-person household, with a joint income of between £26,500 and £33,000

· a household of three or more people (minimum one child) with a combined income of between £33,000 and £38,000

The interest-free loan is only repaid when a homeowner wishes to, or on selling the property, or when purchasing the remaining part in full.

Cllr Jamie Carswell, Deputy Mayor of Hackney, said: “House prices have led to a divide between ‘have nots’ who can’t buy their own home and ‘have lots’ who are a long way up the property ladder.

“We’re not going to solve this overnight, but this scheme is something which could make a difference today, and for future generations in Hackney.”

The £1 million scheme aims to help between 15 and 30 households during its first year depending on property values, and is being delivered by the Council in partnership with Team Hackney and Metropolitan Home Ownership.

For more information, contact the Enquiries Team on 020 8920 7777, selecting option 1, or email firststep@mht.co.uk .