Essex Council to join LA Mortgage Scheme

Nia Williams

February 13, 2013

The new scheme will see the authority ‘top up’ the deposits of working people to bridge the gap between the cost of a typical 75% and 95% loan to value mortgage offered by banks and other lenders.

The council said there are currently up to 6,000 people in Essex who cannot afford to take out a mortgage to fund the purchase of their first home.

The council has also frozen council tax for the third consecutive year.

Councillor Peter Martin, leader of the council, said: “We believe that at a time when the people we represent face a real struggle to keep their heads above water that we must limit demands on household incomes.”

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