Nottinghamshire: Financial boost for first-time buyers

File photo dated 12/10/10 of a general view of for sale signs as mortgage lenders have reported their strongest month in almost five years, in further evidence that the housing market is bursting back into life. PRESS ASSOCIATION Photo. Issue date: Tuesday August 20, 2013. An estimated �16.6 billion worth of mortgages were advanced to borrowers in July, marking the highest total seen since October 2008, the Council of Mortgage Lenders (CML) said. See PA story ECONOMY lending. Photo credit should read: Rebekah Downes/PA Wire
File photo dated 12/10/10 of a general view of for sale signs as mortgage lenders have reported their strongest month in almost five years, in further evidence that the housing market is bursting back into life. PRESS ASSOCIATION Photo. Issue date: Tuesday August 20, 2013. An estimated �16.6 billion worth of mortgages were advanced to borrowers in July, marking the highest total seen since October 2008, the Council of Mortgage Lenders (CML) said. See PA story ECONOMY lending. Photo credit should read: Rebekah Downes/PA Wire
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First-time buyers in Nottinghamshire have been given a £1.7m helping hand onto the housing ladder since the launch of a County Council-backed mortgage support scheme six months ago.

A total of 90 mortgages are either being progressed or have been completed since the council launched the Local Lend a Hand scheme, in partnership with Lloyds TSB in back in February.

The scheme is open to first-time buyers purchasing a property in Nottinghamshire costing up to £150,000.

Coun David Kirkham, chairman of the council’s finance and property committee said: “First-time buyers often say that raising a deposit is the biggest obstacle to getting onto the property ladder, so I’m delighted that our scheme has already given so many Notts house-buyers a helping hand.

“A vibrant housing market is vital to a healthy economy and the positive impact of the £1.7m committed to date is going far beyond the 90 new homeowners we are currently helping.”

“The scheme frees up more capital for new homeowners to invest in their property, providing a knock-on benefit to a multitude of local businesses”

“We’re keen to develop the scheme further, so we are talking to district councils about improving the choice and number of mortgages available in their areas.”