Rhys, 25, gets his foot on the property ladder thanks to council's £1m scheme
THE first person has been accepted on to Derby City Council's new £1 million scheme to help first-time buyers on to the property ladder.
Rhys Robinson, 25, of Ivyleaf Way, Heatherton Village, found the house of his dreams in Mickleover, where he plans to live with his girlfriend.
But he said he would not have been able to afford the deposit needed for the £139,000 mortgage on the property for "four or five years" without help from the authority's scheme.
Being accepted on the scheme means applicants can get a mortgage with a minimum 5% deposit, as the council will contribute another 20% of the property's value as security so the interest rate is lower. Most mortgage lenders would require at least a 10% deposit
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The mortgage lender in the scheme, Lloyds TSB, will then pay the council interest on its cash.
Mr Robinson said: "This is something the council should continue doing in the future. "A lot of my friends are in the same situation where they can't afford a deposit."
The scheme will help between 35 and 40 first-time buyers. Zoe Bradley, mortgage and protection adviser at Lloyds TSB's Iron Gate branch, said: "We've already had some interest because other councils have launched similar schemes. We've already had 10 inquiries."
To qualify, people must be first-time buyers looking to purchase a non-new-build property worth £142,500 or less in Derby. Those interested should go into Derby Lloyds TSB branches for more information.