The Oldham Mortgage aims to help suitable first time buyers by allowing them to access 95 per cent mortgages.
Under the scheme, in partnership with Lloyds TSB, if a potential buyer meets the lender's strict credit requirements and the Councils criteria, an indemnity would be provided by the Council to the lender to reduce the typical deposit requirement in some cases from 25 per cent to five per cent.
The potential buyer would get a 95 per cent mortgage on similar terms to a 75 per cent mortgage. The indemnity would be for the first five years, when there is most risk of repossession.
Visit your local branch of Lloyds TSB for more information.