I RECENTLY applied to buy a home on the discounted sale scheme.
I was told by the council when applying for a mortgage via my bank that I should inform them the mortgage was for a discounted sale new build and that a 20 per cent deposit may be needed.
My bank said five per cent would be fine. Fantastic you would think, until I was told by the council that my application for the scheme would be accepted if I had the 20 per cent deposit, so to my anger and dismay I now cannot afford a 20 per cent deposit and only have five per cent.
As a first-time buying single working parent who can only get a mortgage of up to £95,000 this scheme was perfect, given the average two-bed house in York on the open market is £145,000 and the house I could have bought through the scheme was a three-bed house costing £95,000.
How am I supposed to raise the £18,000 deposit the council tells me I need when I feel very proud I’ve managed to scrimp and save the five per cent my bank says is fine? It turns out affordable housing isn’t very affordable.
L Smith, Poppleton Road, York.
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