Braintree: Help For First Time Buyers

8 January 2014, 00:00

First time buyers in Braintree will only have to raise a 5% deposit

Braintree has become the first district in Essex to offer first time buyers help on to the property ladder.

A scheme has started aimed at those who can afford mortgage repayments but do not have enough money for a 20% mortgage. 

Now, as long as you can pay 5%, the district and county councils will help with the rest. Both councils have set aside £1 million to help approved applicants through the Lloyds Bank Local Lend a Hand scheme. 

Councillor David Bebb, cabinet member for performance and efficiency at Braintree District Council said: "In addition to the government's national scheme we have been keen to introduce our own scheme in this area, and I am delighted that through working with Essex County Council we are leading the way as the first district in the county to support our residents in this way. 

"Many first-time buyers are unable to afford a deposit, even though they could afford mortgage repayments, and so through launching this scheme we will be aiding these people to make that first step which will help stimulate the local housing market and benefit the wider local economy." 

Councillor David Finch, leader at Essex County Council said: "Through this scheme we are helping hard working families make that first step on the property ladder. 

"As well as helping to achieve their aspirations this scheme will also help support the government's objectives of supporting sustainable housing and construction growth which helps stimulate new jobs. 

"Councils need to work together to provide solutions to the challenges facing their local communities and this is a fantastic example of the County Council and the local District Council doing just that. 

"I am delighted that we have been able to launch this scheme today in Braintree." 

Last year Essex County Council announced it was putting £7 million aside for this scheme and would make funds available to authorities which were willing to match that financial commitment. 

So far Braintree is the only local authority to have taken up the offer.