Posted 27.07.15
Catalyst Housing and Oxford City Council have jointly launched the £1.5 million Oxford Equity Loan scheme, to help the City's teachers at selected local schools get on the housing ladder.
The scheme provides a low-cost equity loan, free for the first two years, which when taken up in addition to a normal mortgage, could enable teachers in the City to buy a home near to work that would otherwise be out of their reach.
The Oxford Equity Loan scheme could make the difference between teachers being able to stay working in Oxford, or having to move away. It was devised by Catalyst and the Council in response to problems with recruiting teachers to many of the City's schools.
Money for the loans will come from a fund set-up by Oxford City Council and Catalyst, who have each contributed £750,000.
According to data from the Centre for Cities and Professor Danny Dorling of Oxford University, Oxford is the least affordable place to buy a home in the UK.
