Eden District Council is working with Penrith Building Society to help more local people on to the property ladder by reintroducing the Eden Mortgage Boost Scheme (EMBS).
EMBS was first run between 2013-2016 and helped local individuals achieve their home ownership aspirations, by reducing the size of the deposit they needed to buy a property.
Eden District Council’s Deputy Leader and Housing and Health Portfolio Holder, Councillor Lesley Grisedale, said: “I am delighted that the Executive has approved the Eden Mortgage Boost Scheme, this partnership with Penrith Building Society will make such a practical difference to people locally by enabling them to qualify for a 95% mortgage without having to find a 20/25% deposit. The scheme will be open to first time buyers and to people who have previously owned a property.”
EMBS will help to reduce many of the initial costs a borrower faces. The Council is to provide grants, to meet the costs associated with arranging the required mortgage indemnity on 20% of the property’s value. This will allow someone with only a 5% deposit to access the Eden Mortgage Boost Scheme through the Penrith Building Society. The grant payment will be made directly to the building society.
Being committed to the community it serves, the Penrith Building Society has also added its support to this scheme by meeting the costs associated with one basic mortgage valuation of the property, all application and product fees have been waived, and as long as the mortgage applicants are using the Society’s solicitors, a contribution towards legal costs of up to £500 will also be provided.
Tim Bowen, Chief Executive Office of Penrith Building Society, said: “We have taken great pleasure in seeing those families we’ve helped previously through this initiative prosper and we are keen to support yet more local people achieve their ambitions of owning their own homes.”
The scheme is set to launch on 1 April 2019. For more information about the Eden Mortgage Boost Scheme call Penrith Building Society on 01768 863675 or visit www.penrithbs.co.uk/mortgages