There are two major Government led initiatives to help first time buyers get onto the property ladder by helping them overcome the problems of large deposits which mortgage lenders require.
Open Market Shared Equity Scheme in Scotland
In a welcome development the Scottish Government announced recently that their shared equity scheme will be given an additional £10 million pounds so that the scheme can be made available to all eligible first time buyers.
More details can be obtained here.
MI New Home in Scotland
Another scheme, aimed at first time buyers buying a new build property, will see the government contribute 5% towards the deposit of the house leaving the purchaser to find only a 5% deposit themselves.
More details can be obtained here.
Our Glasgow lawyers help first time buyers to get onto the property ladder
Both of these schemes should provide a significant boost to first time buyers hoping to buy their first home.
Our solicitors at the Glasgow Law Practice have experience of dealing with all aspects of buying property for first time buyers including purchases under many different shared equity schemes.
Why not give us a call and we can talk you all of the steps you need to take to buy your first home?
