A £2 million pot of funding has been set aside to help struggling first-time buyers.
Dacorum Borough Council is hoping to help a minimum of 50 people get their first home through the launch of the Local Authority Mortgage Scheme.
Under the scheme first-time buyers will be able to purchase a property with a deposit of just five per cent. The borough council will stump up a cash backed indemnity of up to 20 per cent as additional security.
Councillor Nick Tiley, who oversees finance and resources at the council, said: “Dacorum is a wonderful place to live and the house prices can reflect that. In lending a hand, I hope that more first-time buyers will be able to get onto the property ladder within the borough.”
The scheme is also backed by Herts County Council, which has ploughed £12 million into the project, and should see more than 500 people across the county given a leg up onto the property ladder.
Those interested should visit their local branch of Lloyds TSB in Marlowes, Hemel Hempstead, or Leeds Building Society – the nearest branch is in Watford.