Magazine article Public Finance

Homestake Scheme Launched to Help Scots First-Time Buyers

Magazine article Public Finance

Homestake Scheme Launched to Help Scots First-Time Buyers

Article excerpt

Public money is to be used to help first-time homebuyers in Scotland.

Communities Minister Malcolm Chisholm this week announced what he described as an innovative shared ownership scheme that will help people on low incomes who are unable to pay the full price of a property.

Under the Homestake scheme, a £10m fund will give first-time buyers up to 40% of the cost of a a housing association or open market property. The buyers will fund the remaining 60% through normal mortgage payments.

The assistance will be paid through grants provided by the Scottish Executive's agency, Communities Scotland.

The Executive estimates that around 300 homes will be provided under the scheme in the first year and that this will rise to 1,000 a year. Around 20 separate projects are due to start this year. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.