First time buyers in Ashfield could be helped onto the property ladder after a £1 million partnership between the local authority and Lloyds Bank.
Nottinghamshire County Council and Lloyds are joining forces to help first-time buyers purchase a home with a deposit of five per cent.
The Council has set aside £1m which will help buyers on to the property ladder through the Local Lend a Hand scheme, now available in local branches of Lloyds Bank.
Council leader, Coun Chris Baron said: “This scheme provides a relatively low risk opportunity for us to help first-time buyers onto the housing ladder while assisting the local housing market and relieving local demand for social housing.”
First-time buyers often say that raising a deposit is the biggest challenge they face when looking to take their first steps onto the property ladder. The Local Lend a Hand scheme will help buyers who can afford a mortgage, but have not previously been able to build up the necessary deposit, up to a maximum loan of £118,750.
Lloyds mortgages director, Marc Pageadded: “With the launch of Local Lend a Hand in Ashfield we’re making the housing market more accessible to more people.
Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market. Local Lend a Hand addresses some of the real problems that prospective buyers in Ashfield might face.”