Mortgage plan ‘well received’ by agents

OLDHAM Council leader Councillor Jim McMahon has met local estate agents to outline the new Oldham Mortgage scheme.

As revealed by the Chronicle on Friday, the initiative aims to boost the ailing local housing market by giving first-time buyers a leg-up on to the property ladder.

Those eligible would be able to access 95 per cent mortgages — requiring a deposit of only 5 per cent —but borrow on similar terms to a 75 per cent mortgage.

If approved, the scheme — which will be operated by Lloyds TSB — would involve the council underwriting up to 20 per cent of the loan.

Oldham would be the first local authority in Greater Manchester to run such a scheme.

Councillor McMahon hosted a breakfast briefing event to explain the new initiative and discuss housing market conditions.

He said: “It was a positive meeting and we agreed to keep talking to explore how we can work together more co-operatively,” he said.

“I explained the new Oldham Mortgage scheme to them and it was well received.”

The scheme goes to Cabinet for approval on Monday.