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Local authority mortgage scheme (LAMS)

The Local Authority Mortgage Scheme (LAMS) is available to first time buyers who can afford mortgage repayments and have a 5 per cent deposit but who do not have the larger deposit now required by many mortgage lenders. The scheme allows the Council to support first time buyers through the provision of a financial indemnity so that a 95 per cent mortgage can be obtained on similar interest rate terms to a 75 per cent mortgage.

Satisfies these needs:

1. Somewhere to live