Prisk supports Hertfordshire LAMS launch
0Hertfordshire County Council along with some of the county’s district and borough councils have launched the Local Authority Mortgage Scheme in their region.
The launch of the scheme last Friday was attended by Housing Minister Mark Prisk MP. It is expected to help over 500 buyers onto the property ladder in Hertfordshire by providing indemnities to allow first time buyers to purchase homes with a five percent deposit.
The county council has devoted £12m to the scheme to provide indemnities for mortgagees who borrow as part of the scheme from participant lenders Lloyds TSB and Leeds Building Society.
Housing Minister Mark Prisk said: “We want councils to help first-time buyers and support their local housing market and economy. So I’m delighted that Hertfordshire councils have adopted the Local Authority Mortgage Scheme, which enables aspiring homeowners to get on the first rung of the housing ladder with just a five per cent deposit. It’s a programme that’s growing across the country, and it’s just the type of innovative approach we want to see other councils adopting.”
