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Local Authority Mortgage Scheme (LAMS)

We have a national Local Authority Mortgage Scheme (LAMS). An initiative created to help potential first-time buyers including those on council housing lists or those occupying affordable or social housing units to buy their first home.

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We have a national Local Authority Mortgage Scheme (LAMS). An initiative created to help potential first-time buyers including those on council housing lists or those occupying affordable or social housing units to buy their first home.

LAMS explained

LAMS enables local authorities to work in partnership with residential mortgage lenders, taking advantage of the expertise already available, to support mortgages for first time buyers. The local authorities provide a financial indemnity which bridges the gap between 75% and 95% loan to value mortgages offered by lenders.

The benefit of LAMS:

  • First time-buyers have access to 95% loan to value mortgages on similar terms to 75% loan to value mortgages
  • Increase in first-time buyers stimulating the local housing market and benefiting the wider community
  • The freeing up of social and affordable housing for those who can’t afford mortgage payments
  • Reduced payouts to private landlords and expensive short-term accommodation.

Why use us?

  • We have obtained a white paper on the scheme, setting out the legal aspects including the State Aid Position
  • We have prepared detailed accounting papers and a comprehensive risk assessment
  • We are working closely with a range of local authorities and residential mortgage lenders
  • We provide the national documentation and support lenders and local authorities to launch the Scheme in their area.

Read more

Download our LAMS flyer

Download Pdf
Download our list of Local Authorities and lenders (updated 31 December 2014)

Download Pdf
Download our LAMS factsheet for answers to frequently asked questions.

Download Pdf

More information can be found on the Which? website.

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