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 the same 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 £150,000.
- Property must be located within the Staffordshire Moorlands district.
- Applicants must either currently live or work within the Staffordshire Moorlands district.
Further information or enquiries please see the Leek United Building Society website.