Warrington is one of the first councils in the country to pilot an innovative new scheme aimed at helping local first time buyers onto the property ladder.

According to recent figures (source: BBC September 2011) the average house price in the north west was £159 117 and the Warrington the figure is higher than that - £193 880.

The ‘Lend a Hand’ scheme is a joint venture with Lloyds TSB,  Sector Treasury Services, part of the Capita Group and the other partner councils as well.

It is particularly aimed at those who have found it difficult to raise the hefty 20 -25% deposit needed these days to get an affordable mortgage interest rate.

Locally this scheme is only available for first time buyers who buy a property in Warrington (please note new build properties are excluded).  The mortgage deal is with Lloyds TSB and prospective applicants will need a 5% cash deposit.

The council pledged £5m in it’s 2011/12 budget to help ‘underwrite’ part of the mortgage for local first time buyers.  It is estimated that around 300 local first time buyers could be helped on to the housing ladder which will get to get the housing market in Warrington moving and stimulate the local economy. 

The council will also earn interest on the invested funds at the same time.

If you live in Warrington and are interested in the scheme please email housingadvice@warrington.gov.uk to find out more.