All You Need To Know About Government mortgage scheme of 5%

A government scheme has been launched by the Scottish government that supports around 5% mortgage. The Mortgage service will cover this 5% mortgage. The professional team is available to provide a helping hand by the Scottish mortgage brokers. They shall help you find the best-suited mortgage plan according to the needs. Even if you are not aware of how to avail of this 5% mortgage, people from Mortgage services will assist you through this scheme. All you have to do is get in touch with the team and ask about the Scotland government Mortgage scheme.

All about the scheme:

The people at mortgage services will help you find a suitable scheme if you plan to buy a new home or are looking for a mortgage for any other purpose as well. Their team is very well versed with all the requirements that you need to meet to avail the facility. They can smoothly help you avail the Scotland government Mortgage scheme. They shall keep you informed at all the steps and also about the status report. They have loads of experience in this field to give you advice so that your work is done hassle-free and in the shortest time possible. They shall understand your budget and suggest your plans accordingly. You must seek more information on the 5% deposit mortgage scheme from the team.

Why has this scheme been introduced?

The scheme has been launched with the Scottish government to make sure that if you are interested in buying a newly built home but lack a little of the funds, you shall be able to buy it with the help of this scheme. This scheme has been started for first-time buyers so that they can buy the new homes of their dreams in an affordable range. The maximum help can be up to 15% of the purchase price of the property newly built. This is a decent amount for those who dream to buy a new home. This scheme is applicable to many home builders that work in Scotland. For more clarification, please refer to the full list on our website.

Who can apply for this scheme?

There are a few parameters that you must satisfy before you can apply for the scheme. They have been listed here for your convenience:

  • The total amount of your mortgage and the deposit amount must be more than or equal to 85% of the final purchase price of the property that you are looking forward to buying.
  • The total value of the new house has to fit in the affordable homes range. We mean that the total cost must not cross the threshold price of the Scottish government scheme.
  • You must understand all the terms and conditions of the scheme thoroughly before you apply. You should take help from a professional team to understand your position better to avail the scheme so that when you apply you can get the amount as soon as possible.
  • The mortgage that you have availed to buy the home must have at least 25% principal repayment. Interest repayment is not to be included in this 25% of the total price of the property value. Only then can you apply and avail of the government scheme.

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