Extension of Council Mortgage Scheme
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Further to Minute No. 216/2009 regarding options for the possible extension of the mortgage scheme that had been considered by the Cabinet on 26 November 2009, a further update had been requested when the Financial Services Authority (FSA) had formulated proposals for a more sustainable mortgage market. A report provided by the Director of Finance included an overview of the current situation regarding mortgage liquidity, a pilot Local Authority Mortgage Guarantee Scheme and the Government’s plans to refocus the Mortgage Rescue Scheme.
RESOLVED: That Cabinet
(1) notes the availability of the Local Authority Mortgage Guarantee Scheme and agrees that such schemes have the potential to help provide support to the housing market and in particular to first time buyers; and
(2) instructs officers to monitor schemes taking place in other councils, and seek further evidence and information with respect to the impact of these schemes and the level of risk to Council finances and bring a further report back to Cabinet.
Publication date: 12/11/2010
Date of decision: 04/11/2010
Decided at meeting: 04/11/2010 - Cabinet
Effective from: 13/11/2010