
First time buyers
Living in Scotland? Then your lucky. The Scottish Government has recently introduced the First Home Fund which enables first time buyers to purchase their own property in Scotland. The government can give individuals up to £25,000 to put towards a new or existing property.
How does the First Home Fund work?
The property you chose to purchase you will own. However, the government will contribute up to 49% equity based on the valuation or price of the property at time of purchase - depending on which is lower (up to £25,000). The remaining is either made up by a deposit or a mortgage from a bank or building society.
A benefit of the First Home Fund is that there or no monthly repayments to the government and NO INTERST IS CHARGED! They will receive the equity back once you have sold your property.
To participate in the scheme you must have at least 5% deposit of the purchase price of the property - this may vary depending on different lenders policies. Also it has to be your first home. You cannot own or have previously owned a property anywhere in the world.
For more information please visit the Scottish Government website.
100% Mortgages

100% mortgages is a product that allows individuals to purchase their own property with little or no deposit. It is now very rare to find a bank or building society that offers this product after the financial crisis in 2008, however, they do still exist.
Comments
Post a Comment