EDINBURGH, Scotland, May 22, 2013 /PRNewswire/ --
This week's announcement from the Scottish government regarding the introduction of a shared equity scheme (equivalent to the 'Help to Buy' scheme south of the border) will bring some much needed good news for first time buyers across the nation, according to mortgage broker First Mortgage.
The scheme will provide a £120 million funding boost for Scottish existing and prospective homeowners. Funding will be available over the next two years to both first time buyers and existing homeowners who are buying a new build home.
First time buyers in Scotland have already increased significantly in the first quarter of this year with over 13 per cent more people now living in their first home compared with the same period in in 2011, according to the Council of Mortgage Lenders in Scotland.
Edinburgh based broker, First Mortgage has also reported a significant increase in enquiries from first time buyers in recent weeks as the mortgage market adapts to provide borrowers with a variety of more affordable rates - shared equity rates starting from as low as 2.34%, with only a 5% deposit required.
Ian McGrail, Managing Director of First Mortgage, the broker says:
'With branches across the whole of Scotland, we are encouraged by the overall uplift in enquiries of late and think that this announcement could not have come soon enough. We called to the Government last year to introduce a shared equity scheme of this nature and view this as a huge step forward for the Scottish housing market as a whole.'
'Furthermore, increased building and construction of new homes in areas such as Aberdeen, Dundee and Glasgow will work in conjunction with lower mortgage rates to deliver cost effective homes for young people wanting to get onto the property ladder. Buying a home is a big step and can be very scary if you are buying for the first time so be sure to come and pay us a visit in your local branch where you'll get all the help you need.'
About First Mortgage
First Mortgage is one of the UK's longest established mortgage advisors and offer genuinely free impartial mortgage advice nationwide. Originally established in Scotland, First Mortgage accredits their growth to their reputation of offering an excellent, customer focused service that sees over 80% of their clients coming from delighted customer referrals.
SOURCE First Mortgage