From 1 October 2012, Sandwell Council is offering mortgages to first-time buyers on new build homes in the borough.
We are keen to do all we can to stimulate the housing market in the borough and have identified the offering of mortgages as an important way of doing this.
The scheme will help give first-time buyers who are struggling to get a foot on the housing ladder the chance to buy their own home.
Who qualifies for a council mortgage?
If you are able to answer 'yes' to all of the following questions, you may qualify for a council mortgage:
- Are you and/or your partner a first-time buyer?
- Is the property you want to buy a designated new build scheme in Sandwell?
- Can you confirm that the property will be used only as your place of residence and will not be used for commercial purposes?
- Can you pay at least five per cent deposit on the property?
- Do you have the money to pay the other costs of moving like legal fees, survey fees and stamp duty?
- Are you employed on a permanent contract or, if you are self-employed, are you able to provide proper accounts for the last three years?
- Can you confirm that you have not run up any rent arrears in the past 12 months?
- Can you confirm that you have not breached any tenancy agreement in any other way in the past 12 months?
- Can you confirm that there is nothing else in your credit history that would mean you are unlikely to be able to keep up your mortgage payment?
- Is the amount you want to borrow no more than four times your individual income or two and a half times your combined household income?
If you have answered yes to all of these questions and the property you intend to buy is in Sandwell, you may be eligible for a mortgage, subject to various checks.
How do I enquire about getting a mortgage?
If you answered yes to all of the questions and you think you might qualify for a council mortgage, please contact us:
Call: 0121 569 7841 or 0121 569 7841
One of our advisors will ask a few questions before taking down your details and sending out an application form if you meet the criteria.
What rate of interest will be charged?
The rate of interest is variable (i.e. it will change from time to time depending on a number of factors). Please contact us for the current rate of interest.