Councils are backing first-time buyers by providing help with deposits, the BBC has reported. Local Lend a Hand schemes are being launched by local authorities in Warrington, Northumberland, East Lothian, Blackpool and Newcastle-under-Lyme for potential first-time buyers who can afford monthly mortgage repayments but not a 25% deposit. Working with Lloyds TSB, the councils will [...]
deposits
No “magic bullet” to normalise the mortgage market
The Council of Mortgage Lenders (CML) has responded to a discussion initiated by Housing Minister, Grant Shapps, over the large deposits needed by first-time buyers, by pointing out that lending constraints currently apply to all those who don’t hold a large amount of equity in their homes.
The CML explains that high loan-to-value (LTV) lending is [...]
