WARRINGTON Council is set to invest more funds in a pioneering mortgage scheme which helps get first time buyers on the property ladder.
Launched last autumn, the Local Authority Mortgage Scheme (LAMS) with Sector Treasury Services and Lloyds TSB, has gone from strength to strength and now the council has agreed to increase investment in the scheme.
During the build up to its launch more than 200 people contacted the council’s housing team and local branches of Lloyds TSB to register their interest and find out more.
By this summer 72 mortgages, worth an average of £130,000 each, had been granted to first time buyers in the town and the £2 million the council originally committed to the programme had been used to under-write these mortgages.
More recently the council teamed up with the Teachers Building Society to help local teachers and education professionals get a foot on the property ladder.
Cllr Russ Bowden, (pictured) executive board member for corporate resources said: “In assisting first time buyers in our borough to access a mortgage we can help them get on the property ladder whilst contributing directly to the local economy as well. We’ve been inundated with interest from the public and other councils asking us how the scheme might work in their area and the benefits it brings.”
The executive board agreed this week to increase the council’s investment in the scheme following promising talks to expand the LAMS further with a number of other high street banking names and building societies, making it more accessible to even more first time buyers.
An announcement is expected soon.
Mortgage scheme success
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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.
