£1m in the pot to help buyers

OLDHAM Council is ploughing another £1million into helping first-time buyers get a mortgage.

In April 2012, Lloyds Bank and the council launched a scheme to help first-time buyers get on the property ladder and after 13 months, more than 50 Oldham buyers have used up the initial £1 million investment.

The new money will also help buyers on to the property ladder with a deposit of only five per cent. The fixed-rate mortgages in the scheme are at a lower rate of interest than would normally be available at this level.

Oldham Council leader Jim McMahon said: “As a co-operative borough, we are delighted that our partnership with Lloyds Bank has already helped a number of first-time buyers get on the property ladder. We are helping to make the property market more accessible.”

Subject to Lloyds Bank’s usual lending criteria, first-time buyers are able to select a property within the local authority area, and borrow up to a maximum loan size of £133,000.

They pay a minimum five per cent, and the council provides an indemnity of up to 20 per cent as additional security. The council earns interest on this amount.

Check at local Lloyds branches for details.