The Local Authority Mortgage Support Scheme or 'Lend a Hand' scheme
Chesterfield Borough Council supports a scheme aimed at helping local first time buyers purchase a property. The ‘Lend a Hand’ scheme is a joint venture with Derbyshire County Council, Lloyds Bank and Sector Treasury Services.
The scheme is aimed at First Time Buyers who have found it difficult to raise the 20-25% deposit needed to get an affordable Mortgage interest rate. The scheme is only available to first time buyers and they must buy a property within Chesterfield Borough (though please note new build properties are excluded*). The Mortgage deal is with Lloyds Bank and prospective applicants will still need a 5% cash deposit. For more details please see the attached fact sheet.
The maximum Mortgage through the scheme is £142,500 (with a 5% customer deposit this would enabling a property to the value of £150,000 to be purchased).
It is estimated that around 50-60 local first time buyers could be helped on to the housing ladder which will help get the housing market in Chesterfield moving and stimulate the local economy.
If you live or want to live in Chesterfield and are interested in the scheme please contact Lloyds Bank directly on 07841 490542 or James Crouch in our Business Planning and Strategy Team. James.firstname.lastname@example.org
or 01246 345150.Lams Fact Sheet (pdf 585kb)
Chesterfield Lams Poster (pdf 477kb)
* A Government backed scheme called Help-to-Buy
was also launched in April 2013 to assist buyers who wish to purchase New Build properties. This scheme has been extend to cover Mortgages for people wishing to purchase an existing, non-new build, property.