Don't miss a story sign up to the North Devon Gazette's FREE daily newsletter CLICK HERE

Council could help first time buyers

17:41 25 September 2012


North Devon Council is proposing a mortgage deposit loan scheme to help local people on to the property ladder.

COUNCILLORS are considering a scheme to help first time buyers in North Devon obtain a mortgage.

At the executive committee on Tuesday they will recommended to approve £1 million to fund entry into the ‘Local Authority Mortgage Scheme’ that will guarantee a loan for a deposit on a house.

The buyer needs to find five per cent as a deposit, then the loan will top that up to 25, enabling them to enter the mortgage market.

The report by housing officer Jaime Jeyes says applicants must be first time buyers and meet the mortgage lender’s strict criteria.

The applicants must live in it as their main residence and it is estimated the scheme would help 62 new buyers get on to the housing ladder.

Executive member Councillor Faye Webber told the Gazette the scheme was being proposed following the local Liberal Democrats’ manifesto promise to help first time buyers.

A total of 29 other local authorities are already running similar schemes.


Other News Stories

Yesterday, 17:41

Will you be joining the big march through the centre of Barnstaple tomorrow (Saturday) to show your support for North Devon’s hospital services?

Read more
Yesterday, 15:19

The incident was reported at 2.40 this afternoon (Friday).

Read more
Yesterday, 11:33

Authorities set to investigate a pit that has opened up on a popular riverside walk

Read more
Yesterday, 10:57

County’s schools are ‘high performing’ but among worst funded in the country

Read more
Yesterday, 10:30

Elliott Gallery founder looks back on nine decades and ahead to the Braunton gallery reopening again

Read more
Thu, 20:02

Temporary winter closure for maintenance work, but trustees are also looking ahead to possible extension plans

Read more
Thu, 17:39

The latest improvement to the college’s Barnstaple campus was showcased to the public today (Thursday).

Read more
Thu, 15:28

North Devon Sees Red Day – join the march at 11am from Mermaid Walk

Read more
Thu, 15:24

Activities for all ages to enjoy at the museum throughout next week

Read more
Thu, 11:38

Police warn trick or treaters to be safe this Halloween and remember not everyone wants to take part

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 5°C

Most Read News

Useful Links

Advertise in the paper
Submit a Story
Subscribe to the paper
North Devon Football League
Order Photos
Family notices
Google Plus Page
Reader Travel

Family Notices 24

Read Online

Read the North Devon Gazette e-edition E-edition

Newsletter Sign Up


Show Job Lists

Local business directory

North Devon's trusted business finder

Find planning applications