A £1million mortgage scheme aimed at helping first-time buyers in the Braintree district get onto the property ladder was launched by Braintree District and Essex County Councils this week in partnership with Lloyds bank.
Similar to the Government’s Help to Buy scheme, first-time buyers taking advantage of the scheme will be able to purchase a home with just a 5% deposit. Braintree Council Cabinet member for performance and efficiency, David Bebb, said: “In addition to the government’s national initiative we have been keen to introduce our own scheme in this area, and I am delighted that through working with ECC we are the first district in the county to support our residents in this way.”
The scheme forms part of Lloyds Bank’s Local Lend a Hand initiative whereby they partner with local authorities to increase access to mortgages for first-time buyers who do not have a sufficient deposit. The scheme is open to first-time buyers with a 5% deposit saved. The local authority, in this case Braintree District and Essex County Councils, then guarantee a further 20% of the purchase price, effectively giving the purchasers a 25% deposit. Not only does this increase access to mortgages but it also makes them more affordable as interest rates decrease the larger the deposit. First-time buyers interested in taking advantage of the scheme can purchase a property up to the value of £250,000.
For more information first-time buyers should visit their local Lloyds branch in Braintree, Halstead or Witham.
Holmes & Hills provides conveyancing services from both Holmes & Hills in Halstead and Holmes & Hills Solicitors in Braintree.
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