Teachers in Warrington struggling to buy their first home could find the solution in a new scheme supported by Warrington Borough Council and Teachers Building Society.
The Local Authority Mortgage Scheme (LAMS) aims to help potential first-time buyers who could afford monthly mortgage repayments but have difficulty raising the hefty deposit currently required by most lenders to obtain a residential mortgage. Under the scheme, the council will indemnify a proportion of the loan to enable the lender to provide a 95% mortgage on favourable terms.
Teachers Building Society is a national lender providing mortgages to teachers and education professionals. In order to be eligible for the scheme in Warrington the following criteria must be met:
The applicant must be a teacher or educational professional (see notes below for more information)
The maximum property value is £157,850
The property must be within the borough
The applicant must be a first-time buyer
Alan Gravett, head of sales and marketing at Teachers Building Society, says: “As an organisation founded with the purpose of helping teachers to buy their own home, we are very happy to support the LAMS. We hope that it will enable more teachers to realise their dream of home ownership and we will apply the normal criteria when assessing cases, which we always treat on an individual basis, alongside a fast and friendly service.”
Cllr Russ Bowden, Executive Board Member for Corporate Resources and Assignments (Lab Birchwood) said: “We are pleased to be partnering with Teachers Building Society in this innovative initiative to support local educational professionals. The scheme will enable teachers to make that important first step onto the property ladder.”
If you are a teacher looking to buy a property in Warrington and would like to find out more you can contact Teachers Building Society on 0800 378 669. Lines are open Monday-Friday, 8am to 6pm. For joint applications, only one applicant needs to work in education.