Eden Mortgage Boost scheme
We are working with the Penrith Building Society to help more local people onto the property ladder. Eden Mortgage Boost scheme helps to reduce many of the initial costs a borrower faces when borrowing higher amounts than 75% of the purchase price. The scheme is aimed at those who can afford mortgage repayments but not the high deposits required.
How does the Mortgage Boost scheme work?
We provide grants to meet the costs associated with arranging the required mortgage indemnity on 20% of the property’s value. That means you pay a lower interest rate. Allowing someone with only a 5% deposit to access similar terms as a 75% mortgage but without the large deposit normally required as the risk to the building society is reduced.
What is the maximum property price?
The maximum purchase price/valuation is £180,000.
How would the grant be paid?
We would pay the grant direct to the lender once the application had been approved.
Where would these properties be located?
They would need to be within Eden district.
Does the scheme apply to new build and existing properties?
Do I need to have a local connection to Eden?
Yes, you would need to meet just one of the following criteria to qualify:
- have lived in Eden district for a continuous period of at least 3 years; or
- work within Eden or have secured a job offer within the district, for a minimum of 16 hours per week; or
- have strong established and continuous links to Eden for example, by birth or family connections; or
- have an essential need through age or disability to live close to someone living in the district.
How much could the scheme benefit me?
The scheme could benefit you by about £3,000 on a £150,000 property with a 5% deposit. This is based on the grant from us and the benefits of the ‘Fees Paid’ mortgage from the Penrith Building Society. This covers the standard valuation fee, application fee and solicitors fees, as long as you use the Society’s solicitor. It does not cover stamp duty.
Would the property have to be my only home?
Would I have to be a first-time buyer?
Not necessarily, the scheme is open to first-time buyers and those who have previously owned a property.
For further details on the Mortgage Boost scheme
Go to Eden Mortgage Boost scheme on the Penrith Building Society website, To find out more about the scheme and arrange to speak to a member of their staff.