A new mortgage scheme aimed at helping first-time buyers to gain access to the housing market has been launched by Bristol City Council and Leeds Building Society.
Entitled A Helping Hand, it is hoped the initiative will result in greater availability of 95 per cent home loans for local residents who have the money to meet monthly repayments but are struggling to stump up a deposit.
The 95 per cent mortgage at 5.49 per cent is a five-year fixed rate deal that offers reduced fees and a free valuation.
Leeds claimed the arrangements provide security at an affordable rate and Paul Kaye, general manager of sales at the building society, said the organisation is delighted to be teaming up with the local authority to offer such deals.
Mr Kaye stated: “Leeds Building Society has helped many thousands of customers buy their own home throughout the economic downturn and we continue to increase lending, particularly to first-time buyers.”
He added Leeds is keen to support local communities and is hopeful that other councils will follow suit and sign up to similar programmes in the future.
