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Highland first time buyers to benefit from Council-backed mortgage guarantee scheme

9th May 2013

First time homebuyers within The Highland Council area are set to benefit from the introduction of a mortgage guarantee scheme, using the Local Authority Mortgage Scheme model already successfully launched by a number of English councils.

The scheme aims to support up to 33 new homebuyers in the current year in getting on to the property ladder.

The Council is working with Lloyds, who are the only lender operating LAMS in Scotland, to finalise the scheme, which should be launched during the summer.

Subject to a mortgage application process, Lloyds will provide mortgages for 95% of the purchase price of a house up to a maximum of 142,500 (150,000 being considered the typical purchase price for a first time buyer within the Highlands). The borrower is required to provide a 5% deposit.

The Councils role is guaranteeing 20% of any mortgage and has agreed to invest 1 million with Lloyds as a guarantee, which will last for a minimum of 5 years.

Those qualifying must be purchasing a property within the Councils boundary.

Derek Yule, Director of Finance, told the Council: In conjunction with Lloyds, we will market the scheme once it is ready for launch hopefully during the summer. The Council will not directly administer the LAMS scheme or make decisions on mortgages. All mortgage applications will be made to Lloyds Bank, who will determine applications.

Council Leader Councillor Drew Hendry said: This is a great initiative that we should celebrate. It demonstrates our commitment to helping as many people as possible to get on the property ladder.

Councillor Dave Fallows, Chairman of the Finance Housing and Resources Committee, said: I welcome this scheme with open arms. It is great news for first time buyers.

Further details on the scheme will be made available in due course on the councils website at


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