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Helping hand to buy your first home
8:40am Saturday 9th February 2013 in News
MORE than 30 local people have taken their first step on the housing ladder with a helping hand from Trafford Council and Lloyds TSB.
The council has provided £2million as indemnity to enable first time buyers to get a 95 per cent mortgage as part of the Local Lend a Hand Scheme.
Lloyds TSB worked with Sector Treasury Services, part of the Capita Group, to develop the scheme, which enables borrowers to buy their first home with a deposit less than the 25 per cent required by most mortgage lenders.
Executive councillor Michael Hyman said: “Getting on the housing ladder is quite a challenge in these difficult financial times and I am delighted that we have already been able to support so many people in buying their first home through the Local Lend a Hand Scheme. The council earns interest on the indemnity we put forward so there is also a financial benefit for all Trafford tax payers.”
For more information about the Local Lend a Hand Scheme, visit your local Lloyds TSB branch.
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