Home » Banking and Financial Articles » Lloyds TSB and Warrington Borough Council Help Local Buyers Secure Their First Home
Lloyds TSB and Warrington Borough Council Help Local Buyers Secure Their First Home
Warrington Borough Council and Lloyds TSB have joined forces to help First time buyers secure their first home.
August 18, 2011 /Banking and Financial PR News/ -- Lloyds TSB and Warrington Borough Council have joined forces to help first time buyers mortgage a home with a deposit of just 5%. The Local Lend a Hand product will be available in branches of Lloyds TSB from Tuesday 9 August onwards.
Raising a deposit is often the biggest challenge first time buyers face when looking to get onto the property ladder. Lloyds TSB has worked with Sector Treasury Services, part of the Capita Group, to develop the Local Lend a Hand mortgage product in response to this common issue.
The scheme enables borrowers to buy their first home with a deposit less than the 10% required by most mortgage lenders.
Warrington Borough Council is one of the first local authorities to make the Local Lend a Hand scheme available. Further launches are planned later in the year across the UK, helping even more people achieve home ownership.
Over 200 local people have already expressed an interest in this scheme ahead of its official launch this week.
Local housing options fall into Warrington Borough Councillor David Keane's portfolio of responsibility. He said ahead of the launch: "The council is extremely pleased to be a partner in this innovative scheme, which will potentially help hundreds of people from Warrington achieve their dream of owning their own homes whilst stimulating the local housing market and economy at the same time."
Stephen Noakes, commercial director for mortgages at Lloyds TSB comments, "With the launch of Local Lend a Hand in Warrington, we're making the housing market more accessible to more people. We know that many young people turn to the Bank of Mum and Dad to get their foot on the ladder, but that's not a solution for everyone.
"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 Warrington might face."
Cecilie Booth, Director at Sector Treasury Services, said: "Many potential first-time buyers in Warrington, including those on the council's housing waiting list, or currently occupying affordable or social housing units, are unable to save a sufficient deposit, even though they could afford mortgage repayments on a typical first home. This initiative is designed to bridge that gap. Local authorities will both free up social housing for the more vulnerable and reduce payouts to private landlords and expensive short-term accommodation. More people will be able to take the step of buying their first home, stimulating the local housing market and benefitting the wider local economy. "
Subject to Lloyds TSB's usual lending criteria, borrowers are able to select any property within the local area, up to a maximum loan size of ?350,000. First time buyers will put down 5% of the property price, and Warrington Borough Council will provide a cash backed indemnity of up to 20% as additional security. The local authority then earns interest on this amount.
The first time buyer owns the property in its entirety, and will have access to a lower rate of interest than would normally be available for this level of deposit.
Those interested in the local scheme should visit their local branch of Lloyds TSB for more information.
Media Contact:
Emma Partridge
Lloyds TSB
01902 325 180
http://www.lloydstsb.com/mortgages/first_time_buyers.asp
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