Thursday, October 8, 2009
“local authority taking a creative approach to meet housing needs”
Birmingham City Council is considering a scheme to assist residents with deposits to help them obtain mortgages from high street lenders.Simon Houltby, spokesman for Birmingham City Council, said a residential "mortgage intervention" scheme was also being considered. Rather than competing with high street banks, the scheme would be aimed at helping local residents access mainstream lenders, he said. Mr Houltby said: "There has always been an intention to see what we can do to help people buy homes. What we identified is while the high street is lending again, they are requiring big deposits. "We have looked at not so much lending the mortgage but lending part of the deposit to people. That is the model we are looking at but it is in early stages."