11th July 2011

Mortgage Indemnity Seeking to Launch for First Time Buyers

The Scottish Government is to support a mortgage indemnity scheme for first time buyers of new homes. It is working closely with New Homes Trade Body Homes for Scotland and has given them £250,000 to enable it to work with lenders and builders on the scheme. As readers of previous blogs will know I have been campaigning long and hard for more help to be given to first time buyers. With the number of first time buyer transactions at approximately 15% of overall market and with a healthy market requiring 40% of first time buyers the benefits to the Scottish housing market in particular and the Scottish economy in general are clear for all. While I think that the devil will be in the detail I do applaud the Scottish Government in coming up with innovative solutions to assist the first time buyer. I would reiterate previous calls:-

  1. Scrap the Home Report
  2. Tax breaks for property investors and also developers
  3. More assistance and funding for Housing Associations
  4. More help for first time buyers

I will continue to keep you advised of this scheme and any other when more details become available.

Lindsay Darroch
Head of Property



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