Help local people to buy their own home by expanding the Local Authority Mortgage Scheme.
What does LAM stand for?
LAM stands for Local Authority Mortgage
This definition appears very rarely and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of LAM
We have 170 other meanings of LAM in our Acronym Attic
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- Lithuanian Academy of Music and Theater (Vilnius, Lithuania)
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Samples in periodicals archive:
The five-year Local Authority Mortgage Scheme, which echoes similar projects across the UK, could make up part of Cardiff council's policies for 2012/13.
There is evidence of local authorities considering entering the Local Authority Mortgage Scheme and the Welsh Government is simultaneously reviewing supporting a house builder/lender initiative - both aimed at galvanising the first-time buyer market.
Flintshire councillors yesterday lent their support to the new Local Authority Mortgage Scheme (LAMS), which provides backing to young people who cannot raise enough cash for a deposit on a house.
The proposal for the Local Authority Mortgage scheme saw no objections in the council chamber, but Coun Craig Williams proposed an amendment that would see "best practice" carried out once the scheme was in place.
Riverside councillor Mohammed Islam, who will propose the motion at the next full council meeting, said: "The Local Authority Mortgages (LAM) scheme has been developed by a number of local authorities in Wales in recognition of the difficulty that many first-time buyers have accessing the property market, often because they are unable to raise the deposits, that a 70% loan to value mortgage requires.
Under the new Local Authority Mortgage Scheme (LAMS) the council will provide an indemnity (or protection) to the lender of up to pounds 20,000, thus allowing the lender to lend that potential buyer a total of pounds 95,000.