Council Mortgage Scheme Will Help First-Time Buyers

 A council on the South coast of England is offering first-time buyers a mortgage to help them onto the property ladder – but only if they intend to buy in the town. Bournemouth Borough Council is offering residential mortgages to first time buyers with a minimum 5% deposit, have lived in the town for the last 12 months, and who are intending to buy in the Bournemouth. They’ll also need to demonstrate their ability to repay the loan. As well as first time buyers, the mortgage initiative will also be available for key workers in the town. Loan periods will range from 10 to 30 years. The mortgages are offered under the Housing Act 1985, as part of the Community Finance Initiative. The borough council committed £15 million investment to the initiative in July 2013.It is already lending to businesses and is now offering mortgages to residents. Read more on the Housing Excellence website.