Mortgage scheme for first time buyers in Chesterfield

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A scheme to get house buyers in Chesterfield on the first step of the property ladder is being extended so applicants can buy homes costing up to £150,000.

The Local Authority Mortgage Scheme, called Local Lend a Hand, is available to first time buyers who can afford mortgage repayments and have a five per cent deposit.

It enables them to get a 95 per cent mortgage from Lloyds Bank on a similar interest rate to a 75 per cent one.

Chesterfield Borough Council provided £1 million, with an additional £250,000 coming from Derbyshire County Council, to set up the scheme in Chesterfield in May last year.

The council has increases the maximum mortgage available to £142,500, enabling first time buyers to get £150,000 homes.