A £10m scheme aiming to help first-time buyers

Published on 13/09/2012 10:46

HOUSE-BUYERS in the Harborough area could benefit from a new scheme to help more than 400 first-time buyers get on the property ladder.

The Lend a Hand initiative, launched on Tuesday, is a partnership between Leicestershire County Council and Lloyds TSB bank.

County Hall is lending £10m to enable the bank to provide affordable mortgages.

The council has provided an initial loan of £2m to Lloyds with the intention of helping up to 90 first-time buyers purchase a home with a deposit of five per cent.

The full £10m, over the lifetime of the scheme, could enable more than 400 first-time buyers enter the housing market. It should result in a further 2,000 house moves and free up properties for rent as more people buy their own homes, the council said.

The council’s acting leader Nick Rushton said: “We know first-time buyers are struggling, so it makes sense to lend the bank some of our reserves to help people get on the property ladder. This will help people into homes and boost the economy.”

For more details, visit the Lloyds branch in Harborough.

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A £10m scheme aiming to help first-time buyers

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