Wirral Council agrees to support introduction of local authority mortgage scheme to help first time buyers

Oct 3 2012 by Lorna Hughes, Heswall News

WIRRAL Council has agreed to support the introduction of a local authority mortgage scheme in a bid to help first time buyers.

The scheme, backed by some of the country’s smaller building societies, is aimed at providing help for potential buyers who can afford mortgage payments but not a deposit.

It would see potential buyers able to obtain a 95% loan-to-value mortgage without the need to provide the substantial deposit usually required.

The scheme sees councils providing a “top-up indemnity” to guarantee the difference between the typical 75% and a 95% mortgage.

The scheme will only support loans up to £132,500 – the average price of a house in Wirral.