“We are happy to finally own our own home” – couple becomes homeowners for the first time

Jasper and Ian are among  the 200 beneficiaries who have received a cheque from the Housing Authority to become owners of their own home. They told TVM how they needed the Authority’s support through the 10% deposit scheme on a promise of sale on their first home, because they would not have managed to do it alone. The amount which they borrowed from the Housing Authority needs to be paid back within 25 years. It is estimated that there are enough funds for around 100 more applicants who may be individuals or couples.

They met for the first time a year and a half ago. From that day their relationship grew and they never looked back. Jasper is 32 and Ian is 23. They have been renting an apartment together at €500 per month but now wished to buy their own home.

They chanced their luck by trying to obtain a bank loan but it fell through as they did not have the 10% deposit to be able to sign the promise of sale (konvenju) .  Their dream has now become reality because last June, the Housing authority introduced a scheme to help people such as Jasper and Ian become home owners.

“The process did not take long, just around two months for the Housing Authority to issue the cheque, obviously it will be in the name of the notary, not in your name – but it was a very easy process.”

They cannot want to move into their new property.

“I am so happy that finally we will have something which is ours.”

“I am really looking forward to everything being finalised. Hopefully it won’t be long before we can go in and start living in our new home. ”

This new scheme is aimed at people between the ages of 21 and 39 who are first time buyers.  Through this scheme the Authority will provide funding for the deposit of up to €17,500, which banks require in order to issue a loan to buy a property.

The amount has to be paid back within 25 years while the Authority will cover the interest on this amount. Discounts are given to those who can pay off the loan in ten years. The scheme began with an allocation of €3 million and there are enough funds for a further 100 applicants.