Scottish FTB scheme to launch


Thu 1st Nov, 11:36:03 GMT

The Scottish government has outlined new plans designed to help first-time buyers get onto the property ladder.

Nicola Sturgeon, the country''s health and wellbeing secretary, said that the present system is failing to meet the needs of the population and revealed that the government would introduce a new scheme to help would-be homeowners to find funding for their first property.

"We will establish a low-cost initiative for first time buyers - Lift for short. Through Lift, we aim to expand assistance for first-time buyers through a mix of government grants, shared equity schemes, and mortgage related products and services," she announced.

However, Kennedy Foster, the Council of Mortgage Lender''s policy consultant for Scotland, said that the organisation has "serious doubts" about how much impact a grants programme would have on improving affordability.

"In 2006 there were 38,900 first-time buyers in Scotland, and the proposed grants would have cost of £78 million. This money could be better spent in expanding the Homestake scheme or in building more homes for low-cost ownership," he added.ADNFCR-1143-ID-18338843-ADNFCR


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