The Mansfield bolsters local authority mortgage scheme

Published on

mansfield

Mansfield Building Society, which launched lending partnerships earlier this year with Bassetlaw and Ashfield District Councils to help local people get a start on the housing ladder, has cut the rate of interest on its Local Authority Mortgage Scheme (LAMS) from 4.99% to 4.39%.

The councils provide a guarantee for up to 20% of the value of the mortgage and the funding is designed to help people looking to purchase a first property, but who do not have a significant deposit. With the guarantee, prospective buyers can get a 95% mortgage on a lower rate than would normally be available.

Gev Lynott, chief executive of the Mansfield, claimed the move to reduce the rate was another demonstration of the mutual’s commitment to its local roots.

He said: “The Mansfield has always maintained a strong affiliation to the community it serves. We have worked very hard in partnership with the local authorities to provide the mechanism, through the LAMS scheme, to help more local people buy their first home.

“By reducing the rate at this time, we hope to signal a clear message that our commitment to see more local people take up the opportunity to be homeowners is stronger than ever.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

More2life unveils Tailored Interest Reward lifetime mortgage

More2life has launched its latest lifetime mortgage, Tailored Interest Reward, designed to provide later...

Pivot provides complex multi-loan deal for Denby Dale development

Pivot has completed a funding package consisting of three loans for a residential development...

HREF reports record month for lending

Hilco Real Estate Finance (HREF) has recorded its strongest month to date, completing three...

Mortgage advisers failing over-50s on later life lending, Key warns

Mortgage advisers are not doing enough to support over-50s with later life lending options,...

Other news

More2life unveils Tailored Interest Reward lifetime mortgage

More2life has launched its latest lifetime mortgage, Tailored Interest Reward, designed to provide later...

Pivot provides complex multi-loan deal for Denby Dale development

Pivot has completed a funding package consisting of three loans for a residential development...

HREF reports record month for lending

Hilco Real Estate Finance (HREF) has recorded its strongest month to date, completing three...