Liverpool city council to support first time buyers

20-Feb-2012

Liverpool city council cabinet is set to approve plans for a new Local Authority Mortgage scheme worth £3 million.

The new scheme could help over 200 first time buyers make the first step onto the property market by underwriting 'top-ups' of up to 20 per cent on the loans. This will help buyers obtain a 95 per cent mortgage on similar terms to a 75 per cent mortgage without having to provide the large deposit usually required.

On the high street, HSBC has launched a range of 90 per cent loan-to-value mortgages, and Yorkshire, Marsden, and Hinckley & Rugby building societies all offer 90 per cent loan-to-value deals. However, the requirements of acquiring a 90 and 95 per cent mortgage are far more stringent after the credit crunch.

To alleviate banker confidence, many local councils have opted to back first time buyers struggling to get a mortgage on their own. Liverpool City Council Leader, Councillor Joe Anderson, said: "It's vital, if we are to boost housing in Liverpool and encourage people to live here, that home ownership is not restricted to people with higher incomes. We want to do all we can to help people overcome the difficult economic times and get onto the property ladder."

A government first time buyers scheme can offer shared equity or shared ownership options.

Published by Joshua Scott

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