This in from Lloyds Bank, in their own words. Ed
The Local Lend a Hand scheme, a £1 million investment package involving Lloyds Bank and Isle of Wight Council was launched in March to give first time buyers the opportunity to purchase a home with a deposit of just 5%.
Mason one of the first
And it was this opportunity that first time buyer Mason, who becomes one of the youngest Islanders under the scheme to buy a house, has taken advantage of. He was also one of the first few to complete his purchase using the scheme after it was launched, resulting in the recent purchase of a three bed, semi-detached Victorian property on The Broadway in Sandown.
Mason said:
“I first heard about Local Lend a Hand online and thought it was a very good opportunity to look into. I had been renting with friends until about three months ago, when I moved back in with my parents to save up for a deposit on my first home.
“The whole application process was very straightforward, and I was able to see the Mortgage Advisor fairly quickly. All in all, the process took about eight weeks to complete. I’m really happy with my new house and would encourage other first time buyers to look into the scheme as it can really help.”
Council provide indemnity
The Local Lend a Hand scheme allows borrowers to select any existing previously owned property in the area covered by Isle of Wight Council up to a maximum loan of £150,000. First time buyers will put down a minimum 5% of the property price, and Isle of Wight Council will provide a cash-backed indemnity of up to 20% as additional security. The local authority then earns interest on this amount.
Steve Stubbings, Isle of Wight Council Executive member for adult social care and community well-being, said:
“It is very pleasing that Mason has been able to get onto the housing ladder at a young age and realise his dream of owning his first house.
“The Lend a Hand scheme is designed to provide a much needed boost to the local housing economy while helping people buy their first homes and this shows it is already working. I look forward to seeing many more first time buyers pick up the keys to their first homes.”
Visit your local branch to find out more
The scheme is offered on a first come, first served basis and those who are interested, or would like to know more, are invited to visit their local branch and ask about the ‘Local Lend a Hand’ scheme.
Marc Page, Mortgages Director at Lloyds Bank added:
“Local Lend a Hand addresses some of the real problems that prospective buyers in the Isle of Wight might face. It’s great to see first time buyers like Mason, especially at such a young age, going through the scheme and getting the keys to their new home.”
Image: Images of Money under CC BY 2.0
