95% Mortgage for First Time Buyers

A NEW initiative backed by the Scottish Government, mortgage lenders and home builders could help thousands of first-time buyers on to the property ladder was launched yesterday. The New Home Mortgage Indemnity scheme will give people wishing to buy a new-build property the opportunity to borrow 95 per cent of the cost of the home. Twelve housebuilders have signed up to the scheme along with RBS and Nationwide. Halifax/ Bank of Scotland are expected to follow. The maximum sales price for properties on the scheme will be £250,000.

The Scottish Government believe the scheme could help 6,000 people to get on on the property ladder over the next three years.