Eleven first-time buyers have already completed deals to buy homes in recent weeks through Leeds Building Society’s ‘Helping Hand’ scheme with a possible further 7 currently being processed.
The scheme sees first-time buyers able to secure a property worth up to £160,000 with just a 5% deposit with Leeds City Council underwriting a further 20%.
The scheme is aimed at those who have the means to make the monthly repayments of a mortgage but cannot provide the deposits required by some lenders
Keith Wakefield, leader of Leeds City Council, said: “To see the effect something like the Helping Hand scheme can have in terms of making a massive positive difference to someone’s life is fantastic, especially in the context of the 26,500 people currently on the council housing waiting list and young families who are desperate for somewhere to live.
“This scheme is a great example of how new ideas can have a real impact, with the local economy also benefiting through all the related businesses which are part of buying or moving into a house.”
Gary Brook, Leeds Building Society’s head of corporate communication said: “We are all well aware of the difficulties facing first-time buyers as saving for a large deposit can be a barrier to home ownership.
“At Leeds Building Society we are delighted to be able to work with Leeds City Council to support people in the city in achieving their aspiration of owning their own home.”
The scheme, which officially began in September, has seen £2 million set aside for an initial 5-year period.
