First time home buyers will receive a helping hand from Hertsmere Borough Council.
To support house buyers hoping to take their first step on the property ladder, the council’s executive agreed to increase the maximum loan size for the local authority's mortgage scheme.
The scheme was launched in November 2012 and is available to first time buyers who can afford mortgage repayments and have a five per cent deposit, but do not have the larger deposit now required by many mortgage lenders.
The executive agreed last week to increase the maximum loan size for the scheme from the existing £190,000 to £280,000 per property, to reflect the high prices of homes in the borough due to its close proximity to London.
Council leader Cllr Morris Bright said: “We took this decision taking into account the high housing prices in the area and to ensure the scheme is supportive to first time buyers looking to purchase properties within Hertsmere."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here