22 April 2008, 08/91
A helping hand onto the property
ladder
Are you finding it difficult to get onto the
first step of the property ladder? If so, there is a new
scheme that might help.
The "Ownhome"
scheme aims to help first-time buyers purchase their own home and
West Lancashire District Council wants to ensure local people are
aware of it.
Ownhome is a new
scheme launched by Places for
People and the Co-operative Bank. It is backed by the government
and is aimed at households who cannot currently buy a property at
open market values.
Bob Livermore, the Council's Executive Housing
Manager, said: "We know that West Lancs is a great place to live
and that house prices have risen in recent years. This means that
many people have difficulty in finding a home that they can afford
to buy. The new Ownhome scheme is not
run by the Council but it might help people in our area, so we want
to make sure everyone is aware of it."
The scheme consists of a loan and a mortgage.
Places for People will lend buyers between 20 and 40 per cent
of the value of their new home. On this portion no interest
payments are due for the first five years. The bank will offer a
choice of mortgages to cover the balance.
This scheme aims to help people achieve their housing aspirations
while also taking a prudent approach to mortgage borrowing in order
to ensure households do not overstretch themselves.
For more information about this scheme and
eligibility criteria contact 0845 607 0110 or visit
www.ownhome.co.uk.
Plumlife Home Zone
Agent also provide information to help
people buy their own home in this area. Tel 0161 447 5050 or visit
the website www.plumlife.co.uk
Related information
> Home
ownership schemes
> Benefits and payments