District councillors have approved a rise in the maximum loan amount available through South Kesteven District Council’s and Lloyds Bank’s joint mortgage scheme for first-time buyers.
It was recommended that the current maximum loan value amount of £147,250 be increased to £200,000. It was approved initially by the cabinet on Monday, and then at full council on Thursday.
Figures from SKDC reveal that the first scheme saw 46 applicants complete, and that the majority of uptake is in the Grantham area. As properties in PE postcodes only accounted for 19 per cent of those completed, it was concluded that the current loan amount was too low to help first-time buyers considering more expensive properties.
The increase will allow the purchase a house valued at up to £210,000, as opposed to the previous £155,000.
To find out more, call into Lloyds, in St Peter’s Hill, Grantham or on Stamford High Street.