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Residents get a helping hand as Trafford Council and Lloyds TSB join forces
8:20am Saturday 19th May 2012 in News
FIRST time buyers will be able to benefit from a new scheme where they can buy their house for a small deposit of five per cent.
Trafford Council and Lloyds TSB have joined forces to launch The Local Lend a Hand promotion, available in branches of the bank across the borough.
The scheme comes just two months after the Government ended the stamp duty holiday for first-time buyers.
The five per cent deposit is signifcantly less than the 25 per cent normally needed by most mortgage providers, and mortgage rates will also be lower for users of this product, than is traditionally available for a small deposit value.
Trafford Council executive councillor Mike Cornes said: “It is vital that first time buyers are given a helping hand to get on the propery ladder in this current climate.
"Increasing economic activity amongst first time buyers will assist subsequent purchasers and therefore benefit Trafford’s overall housing economy.”
A common factor blocking many first time buyers is raising a deposit.
Stephen Noakes, Lloyds TSB mortgage director said: “We know that many people turn to the Bank of Mum and Dad to get their foot on the ladder, but that is not a solution for everyone. Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market.”
More information on The Local Lend a Hand scheme is available at Lloyds TSB branches borough wide.