John Welcomes New Rent Before You Buy Scheme

John has warmly welcomed a new scheme announced by the Scottish Government that will help first time buyers in the Highlands. The scheme, announced today by the Housing Minister Margaret MSP, is to be worth £1.3 million and help people onto the property ladder.

The scheme will be piloted by the Highland Small Communities Housing Trust, Highland Council and the Scottish Government; building a model which will allow those on low and modest incomes to initially rent a newly built property for five years before purchasing it at a reduced price.

A proportion of the rent paid during tenancy is retained by the Trust and returned to the tenant after 5 years as a loyalty cash back payment. This payment funds the deposit required for a traditional mortgage, which first time buyers in particular, are finding very hard to come by.

“This funding will be a very welcome boost for the families and individuals in the Highlands  and will ensure that people in rural areas who might not be able to access a mortgage normally can do so. It will also help the local economy, creating work for Highland trades and contractors.

“Housing options in rural areas are essential if we are to retain the local population and boost the economic viability of these areas. This scheme is a very positive step forward for this goal. I also welcome that this scheme will ensure that the houses bought are retained for the benefit of the local community and not lost to the holiday homes market.”

Notes:

Further information is available from Ronnie MacRae on 01463 233 549 or visit: www.hscht.co.uk