Dragon's Den star James Caan has launched a multimillion-pound scheme in a bid to help people climb up the property ladder".

The Look4AProperty/Money scheme has been financed by Hitachi Capital plc and will offer unsecured interest-free loans through a network of estate agents.

Mr Caan said: "This scheme gets rid of those financial obstacles which are holding up the housing market.

The loans are aimed at helping prospective buyers meet the cost of legal fees and stamp duty, and can be repaid over two to three years.

Mr Caan hoped that the venture would give a boost to the property market: "A healthy housing market is the lifeblood of the UK economy. This country needs sound initiatives to get things moving again - so we have launched Look4AProperty/Money."

He added: "This means that thousands of people who have been putting off moving or buying their first home can now climb up the property ladder without further delays."

He also said he plans to offer 10-month loans t help people meet the expense of providing Home Information Packs (Hips).

Copyright © Press Association 2009