Shared equity scheme for first time buyers in Inverness

21-Sep-2005

First time buyers in Inverness will welcome the introduction of the Homestake Scheme, allowing them to invest in a property they could not otherwise afford.

To get a quote for a shared ownership mortgage click here

Malcolm Chisholm, communities minister, launched the scheme with the aim of helping potential property buyers in the area to get on the first rung of the property ladder, and to lessen the burden of a first time buyer mortgage.

Under the shared equity scheme, buyers are able to purchase their properties for around 60 to 80 per cent of the market value, with housing associations contributing to the remaining amount.

"We think it's very important to help first time buyers and people on low incomes who are unable to afford the full price of a property," Mr Chisholm told the BBC.

The Homestake Scheme is part of a wider reaching affordable homes project across the whole of Scotland and developers hope to construct over 1,0000 Homestake properties over the next few years.

To find out more about creative mortgages designed specifically for first time buyers click here

Mr Chisholm pointed out that the scheme would help to increase the number of homes targeted primarily at first time buyers and said it would "relieve pressure on the social rented sector".

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

To ask about the legal costs of house-buying or to ask a legal question specific to your own situation click here

If you want to post your comments on today's news in the FirstRung Forum click here

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar