By Matthew Legg

Last updated 11:36, Tuesday, 29 April 2008

FIRST-time buyers can get a helping hand onto the property ladder on one of Carlisle’s newest housing developments.

New build: A Lovell house at The Hawthorns in Carlisle

Lovell – the firm behind the regeneration of the Raffles estate – has launched a shared equity scheme on selected properties where buyers pay only 75 per cent of the sale price.

Lovell pick up the tab for the remaining 25 per cent, with no interest or rent to pay.

The loan is repaid after 10 years, or when the buyer wishes to sell or to redeem their mortgage – whichever is sooner.

The sum repaid will be 25 per cent of the current market value of the property.

Among the first Lovell developments to offer the scheme are The Hawthorns and Park View, in Raffles, Carlisle.

Lovell regional sales manager Elaine Taylor said: “With the cost of buying rapidly rising as the credit crunch hits lenders, a lot of areas are increasingly beyond the reach of first-time homeowners.

“As a national housebuilder, we’ve set up the Lovell Shared Equity Scheme specifically to help people looking to buy their first home as well as those seeking to ‘move up’ the property ladder.”

Homes now available through the scheme in Carlisle include semi-detached and detached properties.

A semi worth £128,950 would require a buyer to borrow only £96,713 under the scheme.

Ms Taylor added: “These are great family homes in what has become an increasingly sought-after area.

“It’s great to be able to offer the scheme in Carlisle and help both first-time buyers seeking to take that all-important first step on to the housing ladder, as well as existing home owners looking to move to their next property.”

For information call Fay Jowett or Jenni Coulson on 01228 533130.

mlegg@cngroup.co.uk