Wigan Council to underwrite first time buyers

WIGAN Council has put £1m into a mortgage indemnity scheme run by Lloyds TSB to make it easier for first time buyers to get on the property ladder.

The Local Lend a Hand initiative will underwrite up to 20% of a property loan, giving borrowers with a 5% deposit access to rates reserved for those with a deposit of 25%.

Lloyds TSB worked with Sector Treasury Services, part of the Capita Group, to develop the product which has already been used in Warrington and Blackpool. The council hopes to help 40 homebuyers... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...