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| Version 8 | Version 9 |
|---|---|
| Councils to help first-time buyers on to housing ladder | Councils to help first-time buyers on to housing ladder |
| (40 minutes later) | |
| Councils are to help first-time buyers get on the housing ladder by topping up their deposits. | Councils are to help first-time buyers get on the housing ladder by topping up their deposits. |
| Five councils are pioneering a scheme aimed at buyers who can afford the monthly mortgage repayments but do not have a lump sum saved up. | Five councils are pioneering a scheme aimed at buyers who can afford the monthly mortgage repayments but do not have a lump sum saved up. |
| Many first-time buyers find it difficult to purchase a home because lenders are asking for hefty deposits. | Many first-time buyers find it difficult to purchase a home because lenders are asking for hefty deposits. |
| The councils will put 20% of the price in a Lloyds TSB account, with the lender asking for a 5% deposit. | The councils will put 20% of the price in a Lloyds TSB account, with the lender asking for a 5% deposit. |
| The funds will not go to the buyer and the mortgage rate will be lower. | The funds will not go to the buyer and the mortgage rate will be lower. |
| The councils risk losing money if a buyer defaults, but they get a generous interest rate themselves. | The councils risk losing money if a buyer defaults, but they get a generous interest rate themselves. |
| The scheme could benefit up to 300 first-time buyers in each area, but if other councils join, thousands could potentially benefit. | The scheme could benefit up to 300 first-time buyers in each area, but if other councils join, thousands could potentially benefit. |
| Another 10 councils are waiting to join the scheme. | Another 10 councils are waiting to join the scheme. |
| Sustainable market | Sustainable market |
| The scheme is called Local Lend a Hand. | The scheme is called Local Lend a Hand. |
| "We know that a lot of young people turn to the Bank of Mum and Dad to get their foot on the ladder, but that's not a solution for everyone," said Stephen Noakes of Lloyds TSB in a statement. | "We know that a lot of young people turn to the Bank of Mum and Dad to get their foot on the ladder, but that's not a solution for everyone," said Stephen Noakes of Lloyds TSB in a statement. |
| "By developing Local Lend a Hand and working with local authorities across the UK, we're broadening the prospect of home ownership to even more first-time buyers. | "By developing Local Lend a Hand and working with local authorities across the UK, we're broadening the prospect of home ownership to even more first-time buyers. |
| "Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market," he added. | "Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market," he added. |
| The councils involved so far are Warrington, Northumberland, East Lothian, Blackpool and Newcastle-under-Lyme. | The councils involved so far are Warrington, Northumberland, East Lothian, Blackpool and Newcastle-under-Lyme. |
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| If this were done in a private business initiative, the buyer vetting process would be incredibly detailed, and an insurance cover scheme would be created to lessen the risk to the private business stakeholders. But, it looks like using public money is easy-peasy. I wonder who gets onto the privelaged list, and why. | |
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| Rob peter to pay Paul!!!Defaulters will walk away. Council tax will go up for others. | |
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| A clever way to stop people going into council properties, and at the same time reducing the waiting lists | A clever way to stop people going into council properties, and at the same time reducing the waiting lists |
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| Just another example of pampering people. If they "do not have a lump sum saved up" then perhaps they should not buy yet. Rather than supporting estate agents, mortgage lenders and an over-priced housing market perhaps the councils should put their spare cash into building homes that can be rented to people who genuinely cannot afford the mortgage repayments. | Just another example of pampering people. If they "do not have a lump sum saved up" then perhaps they should not buy yet. Rather than supporting estate agents, mortgage lenders and an over-priced housing market perhaps the councils should put their spare cash into building homes that can be rented to people who genuinely cannot afford the mortgage repayments. |
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