Sandwell announces plans to offer mortgages
0Sandwell Council has announced plans to offer affordable mortgages to help first time buyers get a foot on the housing ladder. The mortgage scheme will be self-funding and also aims to get Sandwell’s housing market moving and increase house building in the borough.
Local authorities are permitted to offer mortgages under the Housing Act 1985. Councillor Steve Eling, the council’s deputy leader and cabinet member for strategic resources, said: “We think it’s very important for people to have the chance to buy their own home – and it’s good for the economy and housing market too …This scheme will help people who are looking to buy new homes that we know are being built in Sandwell and encourage new house building too by giving developers increased confidence.”
The mortgages will require a 10% deposit and the scheme should be up and running by the Summer. Sandwell is in the process of producing a report detailing eligibility and interest rates.
