Decision details

To consider a report on the potential for the Council to support the provision of mortgages and receive rental income.

To adopt LAPP in accordance with the outline provided within the report, and approve the following parameters:

• The maximum local authority purchased (rented) share of £120k
• The split between the two shares of 70% purchased via mortgage and 30% purchased by LA
• The maximum limit for the total indemnity to be offered of £4.4m
• The maximum loan size (based on maximum property valuation) of £266k
• The qualifying post codes in a schedule to the indemnity deed to cover all in SBC area
• Based on these parameters, a maximum investment of £9.3m (£13.7m total costs including repayment interest) would be required (plus a further £4.4m indemnity guaranteed by way of a deed) to provide approximately 100 mortgages via the scheme.