Abacus Daily Debt News

Dragons’ Den star offers interest-free loans

First-time buyers and other debtors have been thrown a lifeline by one of the stars of the BBC’s Dragons’ Den, who has invested in a service offering interest-free loans.

James Caan has bought stakes in website Look4AProperty.com, which is soon to launch Look4AProperty/Money - a programme that will make loans available through estate agents.

Speaking about the new scheme, Mr Caan told My Finances that "a healthy housing market is the lifeblood of the UK economy", adding that the country needs to be resourceful in order to "get things moving again".

Funding has been provided to support £1 billion worth of loans in order to cover legal fees and stamp duty, which is regarded by some as an extra hindrance to many would-be buyers.

Earlier in the month, research from uSwitch.com revealed that fewer loans are available to people than there were a year ago. Currently, there are 36 on the market, compared to the 57 which could have been obtained at this time in 2008.

By Sarah Adie