The housing ladder in Cardiff

A new council report has stated that a scheme that is intended to help new people get on the housing ladder in Cardiff is going to be self-funded. This project in Cardiff is not the only one taking place and there are many projects doing something similar across the UK.

The scheme that is taking place in Cardiff has several benefits and ultimately it allows buyers to purchase a house without having to pay such a large deposit. The scheme also intends to increase the amount of affordable housing that is available to people as tenants will be able to become homeowners.

It is hoped that through the scheme being self-funded it will help the local economy, as will the benefits associated with people owning their own home. Mark Stephens, a councillor for the local area has stated, “After five years it is expected that the council will receive all of the money back that they put into the initiative.

This will also come back with interest which we can use to cover anyone who might have defaulted. This helps us insure ourselves against any future losses. Even if every mortgage we offer defaulted we could still cover the losses, but that’s not going to happen.”