Home Ownership Options in Edinburgh Include First Buy Option, Shared Ownership and Rent to Buy
There has been a boom in property prices throughout the world. Owning a property in any part of the world is not easy, especially after the recession which the world had to face.
Edinburgh is the capital city of Scotland, famous for its festival; the city is always full of visitors. Also there is a wealth of employment and qualification opportunities. Due to these factors people are always in search of a nice accommodation in Edinburgh. Some prefer luxury style accommodation while others are on a budget. The place has all types of flats, apartments and houses.
Just like London, owning a property in Edinburgh is not easy. Most of the houses are out of general public’s range. At the same time there are many affordable home ownership schemes. You can climb up the property ladder with the help of these schemes. These schemes are introduced to help people with buy a home of their own. There are many ownership options introduced by the government to help you buy a house in Edinburgh.
First buy option:
This is a new scheme which has been introduced by the government. Under this the government and the house builder are united. They will provide a ten percent equity loan each to ten thousand “first time buyers”. Moreover this will be interest free for five years. The buyers is required to provide five percent of the house price himself which will be added to the twenty percent provided by the government and house builder. The buyer also has to raise a 75% mortgage for the remaining cost.
Under this the buyer purchases a part of the newly build property. This is between 25%-75%. He then has to pay a subsidized rent for the remaining part of the property. The buyer can purchase additional shares of the property later on, bases on the then market price. Adjustments will be made to the rent accordingly.
Rent to buy:
This option allows people to rent property in a new housing association at a rate which is 20% less than the current market rental value. Because of the reduced rent people can save a deposit and use it later to buy a share of the property.
These options are introduced to motivate buyers into the property market. It helps people to climb the housing ladder which will eventually lead them to full ownership of a house.
Adrian_Morrison - About Author:
Adrian Morrison is a marketing officer for Greenlet, property lettings website in Edinburgh. If you want more information on edinburgh property, please visit edinburgh flats.
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