The help you need to purchase a first home in Scotland

With first time buyers making up around 40% of all home purchases in Scotland during the first three months of 2010, it’s no surprise Redrow is devoting a whole weekend to giving them advice.

Would be home owners can find out everything they need to know about taking their first steps into the property market at four developments across the central belt of Scotland, on Saturday and Sunday, July 31 and August 1.

Visitors to Optima in Edinburgh, Riverside Point in Renfrew, Pear Tree Park in Dalkeith and Middlebank Rise in Dunfermline can find out about help available and talk to independent financial advisors about their mortgage options.

According to the Council of Mortgage Lenders*, Scottish first time buyers are slowly returning to the market, but are still required to put down an average 23% deposit on their new homes, which is where Redrow could help.

Mary McHutchison, sales manager for Redrow Homes (Scotland), said: “We have a variety of ways we can help new buyers get that all important initial foot hold on the property ladder.

“One that many will find appealing is the option to pay between 75 and 85% of the cost of your new home upfront, receiving a 15-25% loan from Redrow for the remaining share through our ‘easi:buy’ scheme. This can be paid back any time over the next 10 years or when you come to sell your home. Crucially the equity loan is interest free and will only increase or decrease at the same rate as the value your home.”

‘Easi:buy’ means that customers only have to apply for a mortgage which represents 75-85% of the full value of the property, which should give them access to much better mortgage interest rates without the need for such a large cash deposit.

For example, it means a two-bedroom ‘Argal’ apartment at Middlebank Rise can be purchased from an initial outlay of just £95,996; just 80% of the full market value of £119,995, through easi:buy.

Off plan purchasing is made easier at some sites with a range of ready-built designs available for viewing, and, in some instances, fully furnished and decorated show homes are open to view.

Developments hosting first time buyer weekends include the Optima apartments - the ultimate in Edinburgh city living, Riverside Point – with great local amenities and within easy reach of Glasgow, Pear Tree Park, in Midlothian – with the perfect mix of town and country living, and Middlebank Rise in Dunfermline – surrounded by woodland walks and outdoor activities.

To make your dream of owning your own home a reality, visit a Redrow development during the weekend of July 31 to August 1, between 10am and 5.30pm to discover the help on offer.

*All statistics from the Council of Mortgage Lenders: cml.org.uk