12 Oct

Melton Council to take part in Leicestershire mortgage scheme

Melton Council to take part in Leicestershire mortgage scheme

Melton Council is expected to receive backing to take part in Leicestershire County Council's local authority mortgage scheme.

The council has lodged a proposal and will see Melton make a £1 million capital investment into the county initiative to help first-time buyers get on to the property ladder.

More than 30 prospective investors will benefit as the funding will reduce the amount of deposit they need to raise to five per cent, reports the Melton Times.

Nick Rushton, County Hall leader, said: "I’m delighted that first-time buyers are interested in taking advantage of this county council scheme. We know first-time buyers are struggling, so it makes sense to lend the bank some of our reserves, to help them get on the property ladder."

The move is part of Leicestershire County Council's £10 million scheme to aid first-time buyers in the county, alongside Lloyds TSB through the Lend a Hand Mortgage.

This sees the mortgage rate fixed for three years, with a cash deposit of five per cent required.

Backing from someone who has savings of up to 20 per cent of the property's value is also needed.ADNFCR-1222-ID-801468398-ADNFCR

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