A new scheme has been launched to help first-time buyers get on the housing ladder.
Perthshire builders A&J Stephen has introduced an initiative that will allow those leasing accommodation to put half of their rent towards a deposit on a new home.
On condition that they enter into an agreement with the local firm, people can rent one of their properties for up to two years and, at the end of that period, they will receive a 50% refund which can be used towards a down-payment on a Stephen development in Errol or Brechin, based on an 85% shared equity mortgage.
Marketing manager Tom Buchanan said: “As lenders continue to demand significant deposits, we’re hoping to provide some welcome respite for first-time buyers and ultimately accelerate the process of buying a new home.
“So many people who are struggling to buy end up renting due to the current economic climate, but they will still have the financial burden of securing a deposit.
“With this initiative, they are technically saving up for their deposit for a Stephen home by renting one first.”
The company will also fix the sales price of the home they are going to “Rent to Buy”‘ at today’s value, providing certainty in terms of budgets and inflationary rises.
Those interested in the scheme are advised to consult a solicitor and financial adviser before making a commitment.
For more information on the project contact A&J Stephen.
Photo used under Creative Commons licence courtesy of Flickr user woodleywonderworks.