Unique scheme to help local first time buyers

Between 30 and 40 individuals or families in Rochdale are expected to benefit from a unique scheme to provide a helping hand to first time buyers to get on the property ladder.

The Lloyds TSB scheme, ‘Local Lend a Hand’, allows first time buyers to purchase a home with a minimum deposit of just five percent of the purchase price. The fixed rate mortgage products available through this scheme are at a lower rate of interest normally available for this level of deposit.

Subject to Lloyds TSB's lending criteria, borrowers are able to select any existing property in the borough, up to a maximum loan of £142,500. They will put down five per cent of the property price, and Rochdale Council will provide a cash-backed indemnity of up to 20 per cent as additional security - having lodged £1m surety with Lloyds. The local authority then earns interest on this amount. The first time buyer owns the property in its entirety.

Those interested in the local scheme should visit their local branch of Lloyds TSB for more information.