August 22, 2007
Help for key workers
In direct competition to the governments Open Market Homebuy scheme, which helps key workers to find a home and buy it on an equity share basis, Scottish Widows Bank has launched their own brand of key worker help.
The main point of this is the offering of a 102% mortgage, this means that buyers with little or no deposit can get a foot on the property ladder, all be it a totally debt ridden foot at that. Making the first step is always going to take much more than later on in life. There are so many unknowns for first time buyers, such as the amount of fees it actually costs, this is why many first time buyers get into trouble, they are already heavily in debt with credit cards, loans and adding a mortgage just increases the burden.
The main difference between the Scottish Widows mortgage is the fact that this one is not equity share, the buyer takes on the whole amount. The banks need to tap into more markets and this is market that is crying out for help.
Source [First Rung Now]
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