Derby

Derbyshire first-time buyers get £2m boost

A £2m scheme to help dozens of first-time buyers in Derbyshire get on the property ladder is due to start.

The partnership between the county council and LloydsTSB will offer local people a mortgage on a 5% deposit.

With a maximum loan amount of £142,500, the scheme is expected to start next month.

The council said helping to get the bottom end of the property market moving had knock-on benefits for the entire local economy,

The county council acts as a guarantor against default on the first five years of the mortgage.

Council leader Andrew Lewer said: "Every time a first-time buyer enters the property market it sparks another four transactions further up the chain.

"We know that this will provide a big boost for the Derbyshire economy during challenging financial times."

The Lend a Hand scheme will only be available on existing houses − not new builds − in an attempt to maximise the knock-on effect further up the housing chain.

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