First time buyers in the Isle can get a helping hand to get on to the property ladder.
North Lincolnshire Council is establishing a new scheme which it hopes will increase the number of first-time buyers.
It is also hoped the initiative will have significant impact on the local economy, sustaining jobs not just in the construction industry but also in services and retail. The council has launched a ‘Local Lend a Hand’ scheme, which will operate on the basis that it will fund an indemnity against which Lloyds TSB pays a premium interest rate, and then offer mortgages to applicants with a five per cent deposit as if they had a much larger deposit.
“In this way not only do they require smaller savings, but they are also able to get a lower interest rate,” said council leader Coun Liz Redfern.
She added: “We need to stimulate the housing market.”