Boost for first time buyers in the Midlands

Christina East has taken part in the scheme
Christina East has taken part in the scheme Photo: ITV Central News

A new scheme to help more than 400 first time buyers is being launched in Leicestershire.

Under the Lend a Hand scheme Leicestershire County Council is lending £10 million to Lloyds TSB to enable the bank to provide affordable mortgages. Under the plan the council will lend money to the bank from its reserves. The money will then allow the bank to offer mortgages of up to £142,500. After five years the bank repays the money - plus interest - to the council.

The aim is to allow buyers to purchase a house with a deposit of just 5% instead of the normal minimum of 10%, and so allow more people to get onto the property ladder.

It's hoped the scheme will result in a further 2,000 house moves, and free up more houses for rent, as more people buy their own home.

One person hoping to benefit from the scheme is 24-year-old Christina East. She's aiming to borrow £91,000 with a deposit of £4,500, instead of the usual 10% deposit.