First council to offer 100% mortgages
April 1, 2009 by Brendan O'Neill
News
In Scotland, the first council to offer 100 per cent mortgages is set to be Dundee Council as it looks to help first time buyers purchase their council homes.
A spokesperson for the council has stated they believe this will not only help first time buyers but also give a real boost to the local economy and the scheme is due to commence next month.
However, the new mortgages scheme has also come under fire for being extremely risky and offering too much money to those who cannot acquire a mortgage through the normal channels and have been rejected by the usual mortgage lenders. Critics state it is irresponsible lending, too risky for taxpayers money and shows we have yet to learn from the lending mistakes that led to the credit crunch.
Written by
Brendan O'Neill
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