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Leicestershire County Council and Lloyds TSB have launched a £10m scheme to help first time buyers.

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  • A partnership between Leicestershire County Council and Lloyds TSB will aid more than 400 people who are attempting to buy their first home.

    The initiative is taking place under the Lend a Hand programme, with the local authority giving the bank the funding so that it can provide affordable mortgages.

    Nick Rushton, the council's acting leader, who launched the scheme at Loughborough's Lloyds TSB branch, said: "We know that first time buyers are struggling, so it makes sense to lend the bank some of our reserves, to help them get onto the property ladder.

    "This helps people into homes, boosts the economy and enables the council to get its money back, with interest, from the bank."

    Stephen Noakes, mortgage director at Lloyds TSB, added: "With the launch of Lend a Hand in Leicestershire, we're making the housing market more accessible to more people. Helping people to buy their first home is crucial in achieving and maintaining a sustainable housing market."

    Leicestershire is home to a number of developments that will interest first time buyers, including the four bedroom terraced house at Stephensons Place.

    Available for £169,995, the property offers living for a family and is ready to move into now.

    Research from First Direct recently showed that more prospective first time buyers are having to live with their parents for longer in order to afford their deposit.

    Although they would often prefer to rent, splashing out on temporary accommodation is likely to reduce the amount of money they could save each month towards buying their own home.

    Since 1997, the number of 20 to 34 year olds who live back at the family home has gone up by 20 per cent, leading to the naming of the 'boomerang generation', where young adults return home after university in order to save money.

    First Direct said that those who choose to stay with parents could save themselves £40,000 in rent alone, while this can be added to if tax and bills are not paid for.ADNFCR-1100-ID-801451440-ADNFCR

    Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advice from a qualified professional.

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