28 Jan

Help for homeowners wanting to move in 2011

Help for homeowners wanting to move in 2011

Homeowners looking to move up the property ladder may benefit from a new scheme designed to help people to find a new home.

Many homeowners are looking to buy houses for sale in the UK and move out of their first home, but struggle due to negative equity, according to Lloyds TSB.

Recent research from the banking group found that 19 per cent of these homeowners do not have enough equity to move.

Lloyds' new Equity Support Scheme will offer help to people with low or negative equity.

Customers can move to a property of the same value, move to a bigger home or downsize without increasing their current home loan.

Colin Walsh, managing director of mortgages at Lloyds Banking Group, said: "Many borrowers that bought their first home in more recent years have found their equity position hit hard by the period of house price decline."

In addition, the government's planned decentralisation and localism bill could lead to more properties for sale in 2011.

Property developers will be able to build "whatever, wherever and whenever" if communities do not have growth at the centre of their plans, according to MP John Howell.ADNFCR-1222-ID-800372267-ADNFCR

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