Bristol City Council is to launch a second local mortgage initiative aimed at helping more first-time buyers to get on the housing ladder in Bristol.

It follows the success of a similar scheme, started in February with LloydsTSB, which has so far enabled a total of 23 households, who are able to afford mortgage payments but not the 25 per cent deposit currently sought by lenders, to buy a first home.

It is hoped that the new undertaking, in partnership with Leeds Building Society, will help a similar number of households who will be able to purchase either a new-build or older property.

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Interested applicants must in the first instance book an appointment with Leeds Building Society by telephoning either branch manager Eileen Atkins or Dan Veale on 0117 922 6772.

The key aspect of the scheme is that lenders now typically ask mortgage applicants for a deposit of 25 per cent. Applicants to the council-backed Local Mortgage Scheme need only a five per cent deposit.

This means that successful applicants, who can afford mortgage payments but not a substantial deposit, can be assisted in buying their first house or flat.

These successful borrowers will also benefit from lower interest rates making their mortgage payments less expensive as well.

(CD/GK)