TEACHERS in Warrington struggling to buy their first home could get a helping hand through a new scheme supported by the 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 a deposit.
Under the scheme, the council will indemnify a proportion of the loan to enable the lender to provide a 95 per cent mortgage on favourable terms.
Teachers Building Society is a national lender providing mortgages to teachers and education professionals.
The applicant must be first time buyer and a teacher or educational professional, the maximum property value is £157,850 and it must be within the borough.
Alan Gravett, head of sales and marketing at Teachers Building Society, said: “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 (pictured), the council’s executive member for Corporate Resources 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.”
Teachers looking to buy a property in Warrington can find out more by contacting Teachers Building Society on 0800 378 669.
Helping hand for teachers
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Gary Skentelbery
Experienced journalist for more than 40 years. Managing Director of magazine publishing group with three in-house titles and on-line daily newspaper for Warrington. Experienced writer, photographer, PR consultant and media expert having written for local, regional and national newspapers. Specialties: PR, media, social networking, photographer, networking, advertising, sales, media crisis management. Chair of Warrington Healthwatch Director Warrington Chamber of Commerce Patron Tim Parry Johnathan Ball Foundation for Peace. Trustee Warrington Disability Partnership. Former Chairman of Warrington Town FC.
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Why single out this particular part of the public sector for this assistance ( I assume it doesn;t cover teachers in private schools) There are plenty of other workers with similar diffculties.
Yes , i want people available to teach kids but iI also want staff avilable to serve me ion shops and pubs, drivers to drive taxis, trades- people to carry out repairs etc.. -even Journalists to report on local news.
Is there ant rstriction on where the teachers work – will they be able to get this leg-up from Warrington Council to buy locally but then be able to ply their trade elsewhere?
Yet another example of public money being used primarily for the benefit of Bankers and Housing developers. These schemes are not in the long term a good deal for the participants – they are merely an attempt to keep the housing market afloat without having to reduce mortgage rates or house prices. Local councils participate as they expect to profit from their investment – but if any of these schemes falls through, who stands the loss???
There are similar schemes for any first-time buyers Nick. Marketing this as a ‘helping hand for teachers’ is probably just a way to target a group who are reasonably well paid and in reasonably stable employment.