Worcester City Council to invest £1 million in mortgage scheme for first-time buyers

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Published by Jon Land for 24dash.com in Housing and also in Local Government

Councillors in Worcester are to debate plans to set aside an initial £1 million to help first time buyers. Under the proposed Local Authority Mortgage Scheme (LAMS), would-be homeowners would only be required to hand over a deposit worth just 5% of the value of the property they want to purchase. Mortgage lending across the country is currently down by approximately 6% compared to last year. The proposed scheme aims to help residents who are struggling to raise the 20-25% deposit that ban...

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