Help onto the ladder for first-time buyers
On Monday, December 3, Dacorum Borough Council launched the Local Authority Mortgage Scheme (Local Lend a Hand Scheme) with the Marlowes branch of Lloyds Bank. Pictured, left to right, Mayor of Dacorum Cllr Bert Chapman, Lloyds Mortgage Advisor Natasha Measure, Lloyds Local Mortgage Manager Malcolm Rose and Portfolio Holder for Finance and Resources Cllr Nick Tiley Related Links.
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.
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Monday 20 May 2013
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