Stockport  Council is providing £3 million of support for the Local Lend a Hand 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.

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