First-time buyers are being urged to apply for a cheaper mortgage deal - with as little as a five per cent deposit – following the launch of a £2m (DCC) support scheme.
Derbyshire County Council leader Andrew Lewer has officially launched the Local Lend a Hand in Derbyshire scheme at the Matlock branch of partner Lloyds TSB.
It will support at least 58 – probably many more – first-time buyers who might otherwise not get a mortgage.
Under the scheme, first-time buyers will be eligible for a Lloyds TSB mortgage with a lower rate of interest than would normally be available if they can raise a minimum five per cent deposit.
Councillor Lewer said: “I am delighted to launch our Local Lend a Hand in Derbyshire scheme which is great news for first-time buyers and the county’s economy.
“It can be very difficult for some people to get on the property ladder because of the high cost levels of existing 95 per cent mortgage deals.
“Our link up with Lloyds TSB makes it more affordable for people to take what is an exciting step in their life by buying their first home.
“We also know that every first-time buyer sparks, on average, another four transactions further up the chain, so this provides a genuine boost for the local economy.”
Stephen Noakes, mortgages director at Lloyds TSB, said: “With the launch of the Local Lend a Hand in Derbyshire scheme, we’re making the housing market more accessible to local people.
“Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market.”
First-time buyers can call into any branch of Lloyds TSB in the area to find out more about the Local Lend a Hand in Derbyshire scheme.