LEEK United Building Society is extending its ‘partnership’ mortgage designed to make home ownership a reality for first-time/low income buyers into the Derbyshire area in partnership with North East Derbyshire and Bolsover District Councils.
The Local Authority Mortgage Scheme (LAMS) gives first-time buyers the opportunity to purchase a home of their own with only a 5% deposit.
Launched in 2011 by Capita Asset Services – ahead of the Government’s Help to Buy Scheme – LAMS was aimed at helping those who could afford mortgage repayments, but who did not have the deposits required at that time by lenders.
Leek United was one of the first lenders nationally to join LAMS, collaborating with Staffordshire Moorlands District Council to support first-time buyers purchasing a home in the area.
Now, following the success of the scheme in Staffordshire – under which the Council provides additional security by way of a mortgage guarantee of up to 20% of a property’s purchase price, this is being extended into Derbyshire and enhanced, with a new LAMS mortgage product from the Society.
Clare Beardmore at Leek United, said: “LAMS has made the opportunity for first-time buyers to get onto the property ladder so much more realistic.”
“We are delighted to be extending the scheme into Derbyshire in a partnership with North East Derbyshire and Bolsover District Councils, to assist homebuyers in our ‘heartland’.”
Under LAMS, almost 70 local authorities have now worked with mortgage lenders and supported 3,900 families and individuals to buy their first home during a time when it was virtually impossible to otherwise obtain a mortgage with a relatively small deposit.
A joint statement from Councillor John Ritchie (Cabinet Member for Housing at BDC) and Councillor Bette Hill (Cabinet member for Housing Strategy at NEDDC) , said: “This is a great scheme which helps first time buyers in Bolsover District and North East Derbyshire District get on the property ladder and, at the same time, contribute to the local economy. We are delighted to join forces with one of our local lenders to launch this scheme.”
“If you’re looking to establish your first home then this may be something that will help you do just that, with aspiring home owners able to access up to 95% loans. I would encourage anyone interested to visit their local Leek United Building Society branch and ask about LAMS mortgages.”
Capita Asset Services works closely with local authorities and supports them in launching their scheme.
Hayley Sullivan, Associate Director at Capita Asset Services, said: “This scheme has been operating successfully in many parts of the UK for over five years and is still helping first time buyers to buy their first home with a lower deposit than usually needed. This innovative scheme has already helped over 3900 people or couples to buy their first home, is stimulating the local housing market and benefitting the wider economy.”
To find out more about LAMS, customers can call into their local Leek United branch or call the Society’s Head Office on 01538 380047 or Derby Branch on 01332 344708. In addition, further information can be found at the following link:Back to news