First time buyer assistance from builders firm

I heard with interest that Barratts have launched a First Time Buyer Scheme.  The scheme allows first time buyer’s parents to borrow 15% of the purchase price on an unsecured loan basis with a fixed rate of 5.4% and run for up to 12 years.  The scheme has no early repayment charges and a limited overpayment will be allowed penalty free.  This will enable first time buyers to have a mortgage of 80%, put down a 5% deposit with the remaining 15% funded by the parents through a loan from Hitachi.

As I have mentioned before, first time buyers have been badly hit in this economic downturn and the average age of a first time buyer is now 37.

I am in discussion with a national builder with development sites in Scotland to see if they would be in a position to offer something similar and I shall let you know as soon as I have some more information to report.

Lindsay Darroch
Head of Property Services

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s