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Lloyds TSB and Leicestershire Council to 'help 400 first time buyers'

Lloyds TSB and Leicestershire Council will offer 'affordable mortgages' for 400 first time buyers
Lloyds TSB and Leicestershire Council will offer 'affordable mortgages' for 400 first time buyers Credit: PA

Lloyds TSB and Leicestershire County Council are to provide first time buyers with 'affordable mortgages' which it's hoped will free up houses for rent.

More than 400 families are expected to benefit after the council lent the bank £10 million, so they could reduce the deposit required from applicants.

Help on the property ladder from County Council

More than 500 first-time buyers in Nottinghamshire could be helped to get a foot on the property ladder thanks to a new mortgage support scheme.

The County Council has set aside fifteen million pounds from its reserves to loan to people struggling to raise a deposit.

The council says the plan will benefit the wider economy.

But critics say it's gambling with taxpayer's money.

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Fastest rise in years for Midlands' housing market

The Midlands housing market has seen the fastest increase in buying and selling for three years Credit: PA

The number of people wanting to buy or sell their houses in the Midlands has risen at the fastest rate in three years, according to a survey carried out by the Royal Institute of Chartered Surveyors.

Last month, an increase in interest from would-be buyers was reported.

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