First time buyer news: Scottish affordable homes target achieved

17-May-2006

The Scottish Executive has announced that it has met its Partnership Agreement pledge to provide more than 18,000 new homes.

Communities minister Malcolm Chisholm addressed a housing conference in Edinburgh claiming that more still needed to be done.

"Our record investment is making a real difference to thousands of families across Scotland but clearly we need to do more to tackle shortages," he remarked.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

Mr Chisholm went on to comment that in the three year period to March, Communities Scotland has ensured the approval of 18,231 homes against a target of 18,000.

He concluded that he was "delighted" at this progress and it is down to "a lot of hard work" by Communities Scotland working with councils, housing associations and developers.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

This year it is expected that the housing association will plough £439 million into providing 7,100 new homes.

The £439 million which has been set aside is expected to deliver 7,100 affordable homes, which will consist of 5,650 to rent and 1,450 to buy.

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

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