COMMENT - Boost to whole market

THE council has joined forces with a major high street bank to help first-time buyers get on the property ladder

Town hall chiefs are putting £1m into a ground-breaking mortgage indemnity scheme run by Lloyds TSB which will allow people buying their first home to get a mortgage on more affordable lending rates.

It is now hoped the scheme will help 40 buyers in Wigan borough get the keys to their first home.

Some may raise a council tax payer’s eyebrow at the use of council funds in this way.

But housing chief Coun Chris Ready points out that less well off people who are desperate to get the keys to their first homes are currently trapped out of the market by the high deposits demanded by mortgage providers.

And the size of their investment shows just how concerned they are about the situation.

Lloyds TSB points out that helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market, which would, of course, benefit far more than the first-time Wigan buyers this scheme could help.