Decision details

Councillor Bayford, who had earlier declared a significant interest (Minute No. 20 refers), left the Chamber for the duration of this item.

It was proposed by Councillor Everitt, seconded by Councillor D Green:

“THAT

a)  The recommendations as set out at paragraph 8 of the report be adopted, namely:

1.  That the proposed Local Authority Mortgage Scheme for Thanet with eligibility being limited by post code to first time buyers living in the district for the purchase of properties in the district, be agreed;

2.  That the Council’s contribution to the proposed Local Authority Mortgage Scheme for Thanet of £500,000 be taken from the new Homes Bonus;

3.  That based on the local housing market for first time buyers, the maximum property loan be set at £137,750;

4.  That the Corporate & Regulatory Services Manager in consultation with the Financial Services Manager, be authorised to enter into Indemnity and Deposit Agreement with Lloyds TSB and a Match Funding Agreement with Kent County Council;

5.  That the Monitoring Officer be personally indemnified against any potential losses incurred by Lloyds TSB as a result of mortgages provided through the proposed LAM for Thanet to enable him to provide the Opinion Letter required by Lloyds TSB.

b)  THAT the further recommendation of Cabinet (referred to in the Members’ Notes), which had inadvertently been omitted from the report, be adopted, as follows:

“That delegated authority also be given to the Portfolio Holders for Financial Services and Housing and Planning Services to approve the Scheme in detail including the post code areas in Thanet to which the Scheme will apply”.

Concern was expressed by some Members that the scheme would not be “open to all”, but benefit only residents in certain post codes. 

Councillor Everitt clarified that anyone in Thanet could make application under the scheme but that the scheme should have the flexibility of targeting the housing market in Cliftonville.

On being put to the vote, the motion was declared CARRIED.