Incentives For First Time Home Buyers In Scotland

Many housebuilders are sympathetic to the plight of those starting out and there are a number of incentives available at new-build developments in Scotland to help first time buyers become homeowners. In the current housing market, first time buyers may well feel that they are getting a raw deal when it comes to getting that all-important first step onto the property ladder.

Barratt Homes' First Deposit scheme is perfect for those whose parents are willing to help them out. Buyers only need to scrape together a 5% cash deposit for their new home while parents can obtain a loan through Barratt for the remaining 15% of the deposit. As the loan is unsecured, there is no risk to the parents' own property. The company has recently launched a new development in Uddingston that is ideal for first time buyers. The Grammar features a selection of one- and two-bedroom apartments from Barratt's Premier Collection, priced from £114,995.

Available at the Hopefield development in Bonnyrigg, the CALA Homes Part Pay shared equity scheme allows buyers to purchase 100% of the property with a 75% mortgage. The remaining 25% is taken out as a loan from CALA. When the time comes to repay the loan, you pay back 25% of the property's value at that time. Those keen to take advantage of this offer and move into an apartment at Hopefield should act quickly as there is only one property still available at the popular development. The two-bedroom Melville apartment is on the market for £160,000.

Stewart Milne Homes offers a host of benefits for first time buyers, including up to 90% mortgages, choice of furniture at no extra cost, complimentary curtains, carpets and light fittings and a free plasma television with surround sound. Available for a limited time, the First Time Buyers Plan is available at a number of Stewart Milne developments around the country, including Morningside Gardens in Wishaw, where a special event for first time buyers is taking place on 19th March. With two-bedroom homes priced from £125,000, as well as a range of three- and four-bedroom houses, this development is perfect for families or couples planning children.

Redrow Homes is offering buyers the option of using their easi:buy scheme to get a foot on the property ladder. As with the CALA plan, buyers acquire a mortgage for a percentage of the property's value - in this case 85% - and the remaining balance is borrowed in the form of a loan to be repaid within 10 years. The buyer owns 100% of the property from the outset. Comprising a collection of two-bedroom apartments and three-, four- and five-bedroom houses, the company's Middlebank Rise development in Dunfermline features a host of benefits including en-suite facilities, fitted wardrobes and additional storage space. Prices start from £122,500 for a two-bedroom apartment.

Bett Homes is helping out first time buyers with its Double Your Deposit initiative. However much money you have saved as a deposit, the housebuilder will double it, up to 5% of the purchase price. Situated in East Kilbride, Bett Homes' Kirktonholme Park development is a collection of two- and three-bedroom apartments priced from £126,995. A formal lounge with double windows, separate kitchen, en-suite and fitted wardrobes all contribute to make this a grown-up pad perfect for first time buyers.

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