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

Yesterday, 10:02

Several witnesses called police to report incident.

Read more
Fri, 16:55
Petroc principal David Dodd will retire this summer.

He will step down in the summer after nine years in charge.

Read more
Fri, 14:22

57-year-old Mike Rowley died after a collision with a lorry

Read more
Fri, 07:00
Inspector Richard Pryce, Devon and Cornwall Police’s roads policing professional lead. Picture: Submitted

More drivers breathalysed, but fewer tested positive during Christmas crackdown.

Read more

Local Weather

Overcast

Overcast

max temp: 8°C

min temp: 7°C

Most Read News

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
Family Notices 24

Digital Edition

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

North Devon's trusted business finder