First-time buyers in Nottinghamshire have been given a £1.7m helping hand onto the housing ladder since the launch of a County Council-backed mortgage support scheme six months ago.
A total of 90 mortgages are either being progressed or have been completed since the council launched the Local Lend a Hand scheme, in partnership with Lloyds TSB in back in February.
The scheme is open to first-time buyers purchasing a property in Nottinghamshire costing up to £150,000.
Coun David Kirkham, chairman of the council’s finance and property committee said: “First-time buyers often say that raising a deposit is the biggest obstacle to getting onto the property ladder, so I’m delighted that our scheme has already given so many Notts house-buyers a helping hand.
“A vibrant housing market is vital to a healthy economy and the positive impact of the £1.7m committed to date is going far beyond the 90 new homeowners we are currently helping.”
“The scheme frees up more capital for new homeowners to invest in their property, providing a knock-on benefit to a multitude of local businesses”
“We’re keen to develop the scheme further, so we are talking to district councils about improving the choice and number of mortgages available in their areas.”