Dozens of first time buyers will be supported onto the property ladder after Derbyshire County Council approved a £2m investment in schemes to help secure mortgages and boost the local economy.
The authority’s cabinet today (February 11) agreed to join forces with LloydsTSB to launch the Derbyshire Lend a Hand Scheme.
Once the legal formalities between the county council and LLoydsTSB are completed, first time buyers who meet the scheme’s criteria will be eligible for a mortgage with a preferential interest rate if they can raise a five per cent deposit.
The maximum loan value will be £142,500, meaning borrowers who are approved by LloydsTSB credit checks could purchase a property up to the value of £150,000 with a five per cent deposit of £7,500, on properties with a qualifying post code.
To register your interest in the Derbyshire Lend a Hand Scheme go to www.derbyshire.gov.uk/yourfirsthome