FACTFILE... on the scheme
PETERBOROUGH City Council invested £1 million in the Local Lend a Hand Scheme.
The pot of money theoretically underwrites up to 20 per cent of a mortgage.
Lloyds TSB will only claim the money if the house is sold for less than was paid for or it is repossessed – and then only if the deposit does not cover the losses.
The pot could help about 40 people get on the property ladder and if successful the fund will be increased to £10 million.