Local Authority Mortgage Scheme - Ashfield DC
We’re delighted to announce great news for first time buyers exclusively living in the Ashfield District Council area. Under a new Local Authority Mortgage Scheme (LAMS), we have introduced a 3 year discounted rate mortgage available up to 95% loan to value.The scheme is open to single and joint borrowers as long as one of the borrowers is a first time buyer.
What makes the scheme unique is that you don't have to pay a higher lending charge, making it more affordable for first time buyers to get their feet on the ladder and buy their first home.
So if you’re looking to buy your first place in the Sutton-in-Ashfield, Kirkby-in-Ashfield or Hucknall area, you may be able to qualify for this deal (a full list of qualifying postcodes can be accessed on request).
The discounted variable rate is just 4.99% for the first three years, after which standard variable rate applies (currently 5.59%) for the rest of the mortgage term. The overall cost for comparison is 5.7% APR.
A non-refundable application fee of £199 is payable at the time of application. In addition, a £300 completion fee will be deducted from the loan amount in all cases. The mortgage must be arranged on a capital repayment basis with a maximum term of 35 years available. The maximum loan available under this scheme is £118,750, allowing you to purchase a property up to £125,000 in value.
Terms and conditions apply, see product information on the Local Authority Mortgage Scheme to get more information about this first time buyer mortgage.
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