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Product category: Mortgages / Housing
News Release from: Scottish Widows | Subject: Mortgages
Edited by the Insidemoneytalk Editorial Team on 14 March 2008

Scottish Widows Bank comments on
measures introduced for first time
buyers

Richard Clark, head of product development and marketing at Scottish Widows Bank comments on the initiatives announced to support first time buyers:

"The news that Stamp Duty will not be required on shared ownership homes until people own 80% of their home is a positive step by the Chancellor and will encourage first time buyers to get on the housing ladder It's good to see the Chancellor attempting to break down those initial barriers to buying a first home

"In addition the announcement that shared equity schemes have been introduced for Key Workers is encouraging.

In the current economic environment it is harder than ever for first time buyers to make this first step and hopefully this measure will give Key Workers the extra boost that they need." Scottish Widows Bank offers a Key Worker Mortgage which gives Key Workers, such as nurses and police officers, the opportunity to buy their own home outright, rather than just part owning it.

The mortgage is designed to help bridge the gap between average house prices and earnings ratio for the Key Workers sector, which has increased rapidly over the last five years, by taking into account long-term overtime and shift allowances when assessing affordability.

Product details: Max LTV 95% 100% ownership.

Available for first time buyers and people moving house/remortgaging.

Flexible underwriting - taking long-term overtime and shift allowances into account.

Choice of interest rates available.

Offset facility available.

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