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Local Authority Mortgage Support Scheme

The Local Authority Mortgage Support Scheme or 'Lend a Hand' scheme

In May 2013 Chesterfield Borough Council launched a scheme aimed at helping local first time buyers onto the property ladder.  The ‘Lend a Hand’ scheme is a joint venture with Lloyds TSB, and Sector Treasury Services.

It is particularly aimed at those who have found it difficult to raise the 20-25% deposit needed to get an affordable Mortgage interest rate.  Locally this scheme is only available for first time buyers who buy a property in Chesterfield (please note new build properties are excluded*). The Mortgage deal is with Lloyds TSB and prospective applicants will need a 5% cash deposit.

The council pledged £1m from its 2013/14 budget to help ‘underwrite’ part of the Mortgage for local first time buyers. Derbyshire County Council is also providing an additional £250,000 into the scheme. It is estimated that around 50-60 local first time buyers could be helped on to the housing ladder which will get to get the housing market in Chesterfield moving and stimulate the local economy.   The council will also earn interest on the invested funds at the same time.

If you live or want to live in Chesterfield and are interested in the scheme please contact a branch of Lloyds Banking Group or James Crouch in our Business Planning and Strategy Team. James.crouch@chesterfield.gov.uk or 01246 345150.

LAMS Fact Sheet (pdf 201kb)

* A Government backed scheme called Help-to-Buy launched in April 2013 to assist buyers who wish to purchase New Build properties. 
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Chesterfield Borough Council
Town Hall
Rose Hill
Chesterfield
Derbyshire
S40 1LP

Tel: 01246 345 345
Fax: 01246 345252
Text: 07960 910264

Click here to view the location of the Town Hall

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