£4.2m of mortgages approved
A scheme to help first-time buyers on to the housing ladder has approved loans totalling £4.2 million in its first six weeks.
Leicestershire County Council is lending £10 million to enable Lloyds TSB to provide affordable mortgages, through its Local Lend a Hand scheme.
Since the scheme was launched in mid-September, it has approved about 40 mortgage applications, totalling £4.2 million, and received about 200 inquiries
Council leader Nick Rushton said: "This proves that the council can make a real difference to people's lives.
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"Thanks to our support, more than £4 million worth of house sales are taking place in Leicestershire, which helps people into homes and boosts the local economy.
"It's a win-win – we help to get people on the property ladder and we get the money back, with interest."
The council has loaned the bank the money from its reserves.
It allows the bank to offer mortgages of up to £142,500, reducing the size of deposit that first-time buyers have to find to five per cent.
For further details, or to apply for a mortgage, see staff at any Lloyds TSB branch in Leicestershire.