Local Authority Mortgage Scheme set for January launch in Braintree district

Braintree and Witham Times: David Bebb David Bebb

A scheme designed to help first-time home buyers is finally set to launch next month after a series of delays.

The Local Authority Mortgage Scheme (LAMS) will provide a £2million pot for househunters in the Braintree district.

It was originally due to launch in June, but was delayed at the request of Lloyds Bank, which is running the scheme in partnership with Braintree Council and Essex County Council (ECC).

At a Braintree Council meeting last Monday, cabinet member for performance David Bebb confirmed the scheme was expected to launch on January 7 or 8.

Under the scheme, which will be open to those wanting to buy properties valued up to £250,000, prospective homeowners will only have to provide a five per cent deposit, with the remaining 20 per cent being guaranteed by ECC.

The £2million fund could help as many as 66 first-time buyers in the district.

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