Stockport Council in partnership with Lloyds Bank are offering the Local Lend a Hand scheme to help first-time buyers and give the local housing market a boost.
Many first-time buyers find it difficult to raise a deposit and this scheme is helping them onto the property ladder. It also gives a significant boost to the housing market in Stockport.
Councillor Stuart Bodsworth, Stockport Council’s Executive Member for Communities and Sustainability, said: “We have had significant interest in this scheme and a number of mortgages have already been processed which is very encouraging. I would encourage any first time buyers from Stockport to seriously consider this scheme.”
The Council is providing £3million of support for this scheme, of which £2m has now been deposited with Lloyds Bank as part of the first phase. This scheme will support people to buy their own home and inject a little bit of new life into the local property market.
The Local Lend a Hand scheme works through lenders who undertake the normal credit reference checks, but provides a 95% mortgage (5% deposit from the purchaser), based on lending rates they would normally offer on a 75% mortgage.
Marc Page, Mortgage Director, at Lloyds TSB, said: “The aim of Local Lend a Hand is to make the housing market more accessible to first time buyers in Stockport, and it’s great to see that the scheme has already had a significant impact in the area. It shows that Local Lend a Hand is providing a solution for people that might otherwise be put off by the size of deposit they would need. We would urge any other first time buyers to go and find out more while the funding lasts.”
Key points for the mortgage scheme are as follows:
Available for first-time buyers only
Applicants will be assessed by Lloyds Bank Properties must be within a Stockport Council postcode
Maximum loan size will be £142,500
Not available for ‘right to buy’, ‘buy to let’ applicants or new build properties
The first-time buyer owns the property in its entirety
First-time buyers interested in the Local Lend a Hand Scheme should visit their local Lloyds Bank for more information.