9:44am Saturday 4th November 2006
By Andy Tate
Teachers and nurses in Oxfordshire seeking Government help to get on the housing ladder have been told to apply for cash now - or lose out to their Berkshire neighbours.
The Oxford Mail has learned that an £18m fund to help 623 public service workers enter the property market over the next two years has been jointly allocated to both counties on a first-come, first-served basis.
It means if Oxfordshire workers are not quick off the mark, the money could end up going to Berkshire.
The latest version of the Government-funded Open Market Homebuy scheme was launched on October 1 in an attempt to increase low cost affordable home ownership.
Under the scheme, workers buy 75 per cent of a property of their choice with a regular mortgage.
The other 25 per cent is covered by a housing association and mortgage lender. No deposit is required and monthly repayments start at about 20 per cent less than buying without assistance - because lenders expect to benefit from any increase in the value of their quarter of the property.
The £18m fund for 2006-8 has been earmarked to help 459 health workers, teachers, police staff, firefighters, prison staff and council workers and 164 council and housing association tenants and those on housing waiting lists.
In the first month of the scheme's operation, one home buyer from Oxfordshire and two from Berkshire were accepted on to the programme.
Guidance produced by Catalyst Housing Group, which markets the Homebuy scheme in Oxfordshire, reads: "Assistance is provided on a first-come, first-served basis per allocation area and there is no proviso for a specific amount of money to be spent in, for instance, Oxfordshire or Berkshire.
"Effectively the counties are competing for funding from one pot."
Andrew Smith, Labour MP for Oxford East, urged Oxfordshire workers to take advantage of the funding before the money runs out.
He said: "I asked if there were allocations for particular areas and was surprised to be told that Oxfordshire is lumped in with Berkshire, and that it's all on a first-come, first-served basis.
"With all the housing pressures we face in Oxford, this needs publicity so that local people get their fair share."
He added: "I would advise anyone who thinks they may qualify to get on to Homebuy straight away."
The Government has promised to help more than 100,000 families into home ownership by 2010.
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