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

Archant

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.

0 comments

Other News Stories

12:35

Landkey parish councillors to debate offer to buy car park at meeting this week

Read more
12:13

Police thank the public for their help after launching a search for Michael Irwin, 86

Read more
12:03

With Barnstaple & District Cats Protection

Read more
11:30

Devon County Council has added its support to the battle for pension equality

Read more
10:53

Lord Lieutenant of Devon hands out gongs at County Hall ceremony

Read more
10:00

Business donates to the Buy Our Buildings campaign

Read more
08:00

Happy ending for three week old kittens left in a box and covered in chemicals

Read more
Yesterday, 19:30

With Dogs Trust Ilfracombe

Read more
Yesterday, 18:27

Revamp for community recording and rehearsal studio thanks to North Devon Homes and its partner Westcountry Maintenance Services.

Read more
Yesterday, 17:45

A sudden bout of avian malaria has wiped out the entire collection, with many old friends lost

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 16°C

min temp: 13°C

Most Read News

Useful Links

Advertise in the paper
Submit a Story
Subscribe to the paper
Competitions
North Devon Football League
Order Photos
Family notices
iwitness24
Facebook
Twitter
Google Plus Page
Reader Travel

Family Notices 24

Read Online

Image
Read the North Devon Gazette e-edition E-edition

Newsletter Sign Up

HOT JOBS

Show Job Lists

Local business directory

North Devon's trusted business finder

Find planning applications