ARE you beginning to lose hope of ever getting a foot on the property ladder?
Well, Horts estate agents in Rugby has good news for you.
Rugby Borough Council has developed a mortgage scheme, taking advantage of the expertise already provided by mortgage brokers.
It will increase the availability of affordable housing for those who need it most, helping the housing market and in turn helping the local economy.
Financial assistance from Rugby Borough Council will provide support enabling the potential buyer to obtain a 95 per cent loan-to-value mortgage at a competitive rate in line with a 75 per cent mortgage - thus reducing the deposit required whist not promoting reckless lending or unaffordable mortgages.
The indemnity will be in place for a fixed five year period for each mortgage granted. This may be extended for another two years if a mortgage were in arrears in the last six months of the initial five-year period.
To qualify, buyers will need to meet the criteria set out by Rugby Borough Council together with the credit criteria applied by the lender.
Rugby Borough Council will be able to specify the necessary criteria. that is the total indemnity offered under the scheme, the maximum property value and the qualifying post codes within the boundary area.
Horts director Dorian Sanchez said: “Since the toughening of the housing market in mid 2007, slowly but surely things are beginning to ease.
“Along with mortgage lending becoming available to more and more people this is another great initiative to help get people onto the property ladder.
“The UK has always had one of the highest home ownership figures in Europe and most of us still aspire to own our homes rather than rent.”