Thursday, January 14, 2010

Councils scrap plans to provide mortgages due to lack of funding

Councils are forced to ditch mortgage plans

Authorities in Hackney, Lambeth, Portsmouth, Manchester and Liverpool had supported a campaign launched by the New Local Government Network in August 2008 to persuade the government to allow councils to offer mortgages to those struggling under the credit crunch. But more than a year later all have put plans on hold as a result of budget cuts, the economic climate and a shift in government support toward areas such as the Mortgage Rescue Scheme, which aims to protect homeowners from repossession.

Posted by jack c @ 12:44 PM (1162 views)
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3 thoughts on “Councils scrap plans to provide mortgages due to lack of funding

  • Another vote-catching scheme aimed at propping up house prices bites the dust. Awww!

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  • little professor says:

    Thank goodness. This was a crazy scheme – using council taxpayers funds to provide mortgages, essentially acting a subsidy to builders and developers who would otherwise have had to drop their prices in the face of a lack of mortgage financing. I fail to see any benefit to the taxpayer from the council providing mortgages

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  • It was a daft idea.

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