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'Local Lend a Hand' mortgage scheme

Lloyds TSB and Peterborough City Council have joined forces to help first-time buyers purchase a home with a deposit of just five per cent. The Local Authority Mortgage Scheme known as ‘Local Lend a Hand’ will be available in the Westgate, and Long Causeway branches of Lloyds TSB in the city centre as well as branches in Bretton, Fletton and Millfield from 15 December 2011.

First time buyers have often stated that raising enough money for a deposit is the biggest challenge they face when looking to take their first steps onto the property ladder.  Responding to calls for further innovation in the first time buyer market, Lloyds TSB has worked with Sector Treasury Services, part of the Capita Group, to develop the Local Lend a Hand scheme. It enables borrowers to buy their first home with a deposit of less than the 25 per cent - required by most mortgage lenders.

Peterborough City Council is one of the first local authorities to make the Local Lend a Hand scheme available. Subject to Lloyds TSB's usual lending criteria, borrowers are able to select any property within the local area, up to a maximum loan size of £123,500.

 First time buyers will put down five per cent of the property price, and Peterborough Council will provide a cash backed indemnity of up to 20 per cent as additional security. The local authority then earns interest on this amount.

The first time buyer owns the property in its entirety, and will have access to a range of products at a lower rate of interest than would normally be available for this level of deposit.

Those interested in the local scheme should visit their local branch of Lloyds TSB to set up an appointment to see a mortgage advisor.

The document below appears in Adobe® Acrobat® (PDF) format. In order to view it you will need to have Acrobat Reader installed. (Those with visual impairments may wish to investigate Access Adobe, which provides tools and information to help make PDF files more accessible).

  'Local Lend A Hand' - information leaflet
  (887KB, 8 pages)