Homestake pilot scheme a success for first time buyers

23-Dec-2005

Government assistance with financing the purchase of a property is enabling aspiring homeowners in Edinburgh to get on the property ladder.

If you are interested in buying a new house within a 'gifted deposit' scheme whereby you don't need to come up with a deposit but just pay a nominal fee of £5000 click here

Under the Homestake project, potential buyers only have to pay for between 60 and 80 per cent of the price of a home, with the remaining amount covered by government funding.

For our first time buyers guide to buying a property click here

A trial run of the scheme has proved successful, reports the Scotsman, with 89 people already signed up and many more expected to take advantage of the financial help.

"The housing market is very tight for first time buyers, with many unable to afford to make that leap," explained Alan Hume, the Homestake administrator.

"However, this scheme now gives them the opportunity to own their own property without having to rent and share with other people."

The first properties to be built under the project are expected to be finished by next spring and Carina McGillivray and Stuart McKenzie, the first couple to buy under the scheme, said they "couldn't believe their luck".

"I'd recommend the scheme to every first time buyer trying to get on the housing ladder," Ms McGillivray added.

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