The scheme is aimed at first time buyers only who can afford mortgage payments but not the initial deposit.
The Local Authority can provide a mortgage deposit bond guarantee. A top-up indemnity to the value of the difference between a lower loan-to-value (LTV) mortgage (i.e. 75% - requiring a 25% deposit) and a 95% LTV mortgage. The potential buyer will thereby obtain a 95% mortgage on similar terms as a 75% mortgage, but without the need to provide the substantial deposit usually required.
In addition to meeting the mortgage application criteria required by Leek United Building Society, applicants must also comply with the Authority's local criteria:
• Maximum property value in North East Derbyshire District Council area of £175,000 and in Bolsover District Council area of £150,000.
• Property must be located within North East Derbyshire district Bolsover district.
Further information or enquiries please see the Leek United Building Society website. Or alternatively customers can call into their local Leek United branch or call the Society at the Head Office on 01538 380047 or at the Derby Branch on 01332 344708. Please see the attached factsheet for additional information.