First-time buyers in Leeds given £2m boost
First-time home buyers in Leeds will be able to tap into a £2m fund to get on the property ladder.
The scheme is aimed at helping people who can afford mortgage repayments but are unable to find money for a deposit.
The cash, provided by Leeds council, will underwrite up to four-fifths of a typical 25% deposit, on properties up to £160,000, leaving the buyers to find another 5%.
It is expected to run for five years and could help up to 100 families.
Council leader Keith Wakefield said: "One of the major obstacles for first-time buyers is the need to find a deposit of up to 25% which is proving increasingly prohibitive, so this is where we can help."
The lender involved will pay interest to the council on the amount deposited.
Buyers would have to meet strict criteria and prove they have the financial means to meet the repayments.
The scheme has already been piloted by other local authorities.