Leek United Building Society has added a new offer to the partnership mortgage scheme aimed at helping first-time buyers to buy a home in the Staffordshire Moorlands with only a 5 per cent deposit.
The Local Authority Mortgage Scheme (LAMS) was launched in 2011 by Capita Asset Services. Leek United was among the first to join LAMS in collaboration with the Staffordshire Moorlands District Council.
The Council provides additional security, offering low deposit buyers a mortgage guarantee of up to 20 per cent of a property’s purchase price.
Leek United’s new mortgage offer will be available to LAMS customers from 23 March.
Tony Hubbard, operations director 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 continuing our partnership with Staffordshire Moorlands District Council, to assist homebuyers in our ‘heartland’.”
Councillor Gill Burton, cabinet member for communities at the Staffordshire Moorlands District Council, commented: “This is a great scheme which helps first time buyers in the Moorlands get on the property ladder and, at the same time, contribute to the local economy. We were delighted to join forces with one of our local lenders to launch this scheme and we now want to build further on its success.”
Under LAMS, almost 70 local authorities have now worked with mortgage lenders and supported 3,700 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.
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