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A step up on to Pendle's housing ladder
A NEW scheme to help first-time buyers get on the housing ladder has been launched in Pendle.
The project, which will run in Brierfield, Nelson, Colne and Barnoldswick will see Pendle Council act as a guarantor to buyers.
New buyers will also only have to put down a small five per cent deposit.
The scheme is open to anyone but you must buy an approved property in the borough.
This new Local Authority Mortgage Scheme is part of a national initiative.
Pendle Council leader Coun Joe Cooney said: “The scheme will help first-time buyers get on the housing ladder.
“If someone was buying a house for £100,000 they would need to pay £5,000 for a deposit. This is far less than they would normally have to find.”
Currently Pendle Council is working with Nelson-based Marsden Building Society acting as a guarantor for first time buyers.
Rob Pheasey, chief executive at Marsden Building Society said that the company is pleased to be helping local buyers.
He said: “As the local building society we’re delighted to be involved in a scheme designed to help local people buy their own home.”
The Local Authority Mortgage Scheme is available for some of the new homes which have been built through the council’s joint venture with Barnfield Construction at Quaker Heights in Brierfield as well as council-refurbished properties in Nelson, Colne and Barnoldswick.
The scheme is only available to first time buyers, or, in the case of joint borrowers, at least one of them must be a first time buyer.
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