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HERDSMEN BOROUGH COUNCIL Document Reference No COUNCIL DATE OF MEETING: PART I Agenda Item No 10 C/12/28 12 September 2012 LOCAL AUTHORITY MORTGAGE SCHEME (LAMS) PORTFOLIO HOLDERS: 1. COUNCILLORS

How to fill out local authority mortgage scheme

How to fill out local authority mortgage scheme:

1. Research eligibility criteria: Start by understanding the requirements set by the local authority for their mortgage scheme. Check if there are specific income limits, property value limits, or other criteria that need to be met.
2. Gather required documents: Compile all the necessary documents like proof of income, bank statements, identification, and any other supporting paperwork that may be required for the application.
3. Complete the application form: Fill out the local authority mortgage scheme application form accurately and provide all the requested information. Make sure to follow the instructions provided and double-check for any errors or missing information.
4. Seek professional advice: If you are unsure about any aspect of the application process or need assistance, consider consulting a mortgage advisor or reaching out to the local authority for guidance.
5. Submit the application: Once the application form is completed and all the required documents are gathered, submit them to the local authority as per their instructions. Keep copies of all documents submitted for your records.
6. Follow up: After submitting the application, it may be helpful to follow up with the local authority to ensure that it has been received and is being processed. This will also give you an opportunity to ask any questions or provide additional information if necessary.
7. Await a decision: The local authority will review your application and make a decision based on their criteria. Be patient and await their response. If approved, they will provide you with further instructions on the next steps.

Who needs local authority mortgage scheme:

1. Individuals with limited financial resources: The local authority mortgage scheme is often targeted towards individuals or families with lower incomes who may struggle to obtain traditional mortgage financing.
2. First-time home buyers: The scheme can be particularly beneficial for individuals who are buying their first home and are looking for options to make homeownership more accessible.
3. Those living in specific areas: Some local authorities may offer mortgage schemes specifically for certain regions or neighborhoods, aiming to support the growth and development of those areas.
4. People who meet the eligibility criteria: Anyone who meets the eligibility criteria set by the local authority, such as income limits, property value limits, and other requirements, may consider applying for the local authority mortgage scheme.

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