20:02 ET<\/span>
\n<\/span><\/p>\nCouncils are to help first-time buyers get on the housing ladder by topping up their deposits.<\/p>\n
Five councils are pioneering a scheme aimed at buyers who can afford the monthly mortgage repayments but do not have a lump sum saved up. <\/p>\n
Many first-time buyers find it difficult to purchase a home because lenders are asking for hefty deposits. <\/p>\n
The councils will put 20% of the price in a Lloyds TSB account, with the lender asking for a 5% deposit. <\/p>\n
The funds will not go to the buyer and the mortgage rate will be lower. <\/p>\n
The councils risk losing money if a buyer defaults, but they get a generous interest rate themselves.<\/p>\n
The scheme could benefit up to 300 first-time buyers in each area, but if other councils join, thousands could potentially benefit.<\/p>\n
Another 10 councils are waiting to join the scheme. <\/p>\n
Sustainable market<\/strong><\/p>\nThe scheme is called Local Lend a Hand. <\/p>\n
“We know that a lot of 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,” said Stephen Noakes of Lloyds TSB in a statement. <\/p>\n
“By developing Local Lend a Hand and working with local authorities across the UK, we’re broadening the prospect of home ownership to even more first-time buyers. <\/p>\n
“Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market,” he added.<\/p>\n
The councils involved so far are Warrington, Northumberland, East Lothian, Blackpool and Newcastle-under-Lyme.<\/p>\n<\/p><\/div>\n<\/p>\n
See the rest here:
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