First-time buyers in Bassetlaw can now get a helping hand towards getting on the property ladder through a new scheme launched by a partnership of Bassetlaw District Council. Notts County Council and the Mansfield Building Society.
The local authority mortgage scheme agreement will see the two councils underwrite the loan from the Mansfield for the first four or five years of a mortgage scheme for a first-time buyer so they are not derailed by the need to find a large deposit, the factor that stops so many young buyers in their tracks.
“This is very good news for Bassetlaw, it helps first-time buyers and it spreads across the whole of Bassetlaw and we’re very grateful for that,” said Coun Griff Wynne, deputy leader of Bassetlaw Council.
“It means young buyers will only need to find 10 or 15 per cent for the deposit while the rest will be handled by the councils.”
“And the knock-on effect is that everyone benefits because people, instead of leaving Bassetlaw, choose to stay here and bring their children up in the district and that is good news for local businesses and industry as there is wider local customer-base and workforce available to them and the area grows as a result.”
“First-time buyers will now have Bassetlaw Council, the county council and the Mansfield all supporting them and enabling them to get on to the property ladder a lot more easily,” continued Coun Darren Langton of the county council.
Gev Lynott, chief executive of Mansfield Building Society added: “We’re backing this scheme because we’re really keen to help young people off the rental treadmill and into the housing market.”
“By keeping the deposits low, we are supporting the local communities and we like to attract business from the local area.”
For details on the scheme, contact the Mansfield at one of their branches in Mansfield (01623 676300), Sutton-in-Ashfield (1623 554265), Kirkby-in-Ashfield (01623 756601) or Chesterfield (01246 202055).