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.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here