Liverpool council looks into mortgage help possibility

07-Jul-2008

Easing a credit crunch-induced 'mortgage famine' and the affordability difficulties faced by first-time buyers are the aims behind a new scheme by Liverpool city council.

Officials in the city are looking into the possibility of providing loans to potential property buyers at the bottom of the market amid concerns about falling house prices and a sales slump.

Council member Flo Clucas remarked to the Liverpool Daily Post: "We can help low-income families that are going to be frozen out or young people looking to have their first home.

"We think we will be able to help a lot of people who want to own their own homes."

The councillor went on to explain that the plans are currently subject to scrutiny by her organisation's Executive Board, and if they get the green light they will make Liverpool the first local authority to re-enter the housing market.

Cash to supply the loans is expected to come from the open market or a partner working with the council.

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