The Executive Meeting considered a proposal to introduce a Local Authority Mortgage (Guarantee) Scheme to assist first time buyers purchasing properties within Stockport. The Executive Meeting then agreed that
· the Local Authority Mortgage Scheme be adopted in accordance with the outline provided in the report;
· a maximum limit for the total indemnity to be offered under the scheme be set at £3m;
· that the qualifying postcodes include all those within the Local Authority area and that these will be provided to the lender(s) in a schedule to the indemnity deed,
· approval be given to the Local Authority indemnifying the Monitoring Officer in respect of any personal liability he may incur by providing the assurance that the Council has followed the correct process in making a decision to enter into the Scheme and the lender will be provided with a ‘reduced scope opinion letter’ to evidence that assurance; and
· the maximum loan size being £142,500.