Hard up house buyers set to get mortgage help from Scottish Government and lenders

Published on 14/09/2012 11:12

PEOPLE looking to get on, or move up, the housing ladder are to benefit from a new mortgage scheme.

Nationwide, the Royal Bank of Scotland, the Bank of Scotland and 12 house builders are all supporting the national mortgage indemnity scheme, designed to help those who don’t have a sizable deposit to buy a home.

Credit-worthy borrowers will be given access to mortgages of up to 95 per cent of a new-build home’s value, up to the value of £250,000.

The Scottish Government will guarantee the loans, which it is hoped will also boost the number of new homes being built across the country.

Glasgow MSP Bob Doris welcomed the initiative.

He told the Herald: “Thousands of people who are able to repay a mortgage and who want to become homeowners are currently blocked out of the market due to high deposit requirements at the banks.

“The Scottish Government is now going to make it easier for people who can afford to buy a home to get onto the property ladder.”

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