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Councils propose providing competitive mortgages

Fri, 22 Aug 2008

Council leaders are campaigning for extra powers which will see them being able to offer competitive mortgages to people struggling to get on the housing ladder.

In a joint letter to the Times, a number of local authorities suggested that they should be able to help first-time buyers by offering "new mortgage capacity".

"The government should recognise that councils are well placed to take a judicious share of mortgage business - an opportunity that could yield a surplus for the council tax payer", they commented.

In their letter, the councils note that one way to go about this would be for them to be allowed to offer targeted deals to the public, while a blanket national interest rate for council mortgages should be reformed.

Councils which contributed to the letter include Manchester city council, Bristol city council and Portsmouth city council.

Meanwhile, according to figures from the Council of Mortgage Lenders, mortgage lending grew by five per cent last month compared to June 2008.
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