Supporting First Time Buyers in Bassetlaw
We are further extending our support to local people looking to buy their first home. In partnership with Bassetlaw District Council and Nottinghamshire County Council, we have launched a Local Authority Mortgage Scheme aimed at helping local first time buyers in the Bassetlaw area.
With Bassetlaw District Council providing a guarantee for up to 20% of the value of the mortgage, the funding is designed to help people purchase their first property without the need for a large deposit. The guarantee means that prospective buyers of qualifying properties can now get a mortgage up to 95% loan to value and not pay a higher lending charge.
The maximum loan available under the Bassetlaw Scheme is £123,500, allowing prospective first time buyers to purchase a property up to £130,000 in the area. The mortgage must be arranged on a capital repayment basis with a maximum term of 35 years available. Properties qualify for the scheme depending upon postcode and a full list of qualifying postcodes can be accessed upon request.
The development in the Bassetlaw area follows the recent launch of the scheme in the Ashfield region to support first time buyers. More information about the Local Authority Mortgage Scheme product and other mortgages can be found on our first time buyers mortgages page.
Gev Lynott, Chief Executive of The Mansfield Building Society, said: “We are delighted to be supporting The Local Authority Mortgage Scheme in Bassetlaw. It is one of a number of affordable housing initiatives that we are involved in within our heartland area that are designed to help first time buyers achieve their first step on the property ladder.”
Councillor June Evans, Cabinet Member for Finance at Bassetlaw District Council, said, “This scheme will give a much needed boost to first time buyers in Bassetlaw and because of the way we are funding this in partnership with the County Council, it won’t cost the taxpayer a penny.
By helping people onto the property ladder we hope to be able to add a little bit of stimulus to the market that will allow others to be able to move up. This is a real win-win situation for the Council and for Bassetlaw.”
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