First Mortgage "actively encourage" clients to use the Homestake mortgage scheme

First Mortgage, the UK's specialists in sourcing mortgages, remortgages and protection plans, are actively encouraging clients in Scotland to consider using the Homestake scheme when assessing their suitability for a mortgage.

Homestake is a new scheme that is run by Communities Scotland, the City of Edinburgh Council and Glasgow City Council, and is aimed at helping people on low incomes get a foothold on the property ladder. Homestake offers first time buyer mortgages for those who cannot afford to pay the full price, but is also aimed at people whose life circumstances have changed - for instance, those suffering from marital breakdown who are in need of divorce mortgages . Under the scheme, a Homestake owner will pay for between 60 and 80 per cent of the price of a property, with the rest held by a registered social landlord who has been granted Homestake funding.

First Mortgage , a mortgage company that specialises in first-time buyer mortgages, as well as remortgages and mortgage protection plans, have been part of the Homestake scheme since the beginning.

Ross Leckridge, a branch manager for First Mortgage, commented:

"Having been involved in Homestake related mortgage applications since the schemes inception in September 2005, we've accumulated a wealth of knowledge in this area. We have assisted over 100 clients with applying for their Homestake grant, and then provided them with the practical assistance needed to use this grant to purchase property in the Edinburgh area."

Mr Leckridge added:

"The scheme has worked really well for first time buyers, especially single applicants unable to "pool" salaries to increase borrowing capacity, who were really struggling to get on to the bottom rung of the property ladder. Before, a salary of £15,000 and a £5,000 deposit could maybe allow a client to buy property at around £60,000, but now, with Homestake, the same client could buy at around £100,000 and still have the same level of monthly outgoing as before.
"We actively encourage clients to consider using this scheme when assessing their suitability for a mortgage, and are more than happy to help them complete their application and collect together the supporting documents needed for their grant application to be properly assessed."

Homestake have recently acquired new funding from the Scottish Executive, and will continue to work within communities in Scotland in the future.

About First Mortgage:
First Mortgage is a trading name of First Mortgage Direct Limited which is directly authorised and regulated by The Financial Services Authority. First Mortgage specialise in mortgages, remortgages and mortgage-related protection, by searching the whole of the UK market for the lowest APR, regardless of any existing bad credit, poor credit ratings, defaults, or even bankruptcy. The First Mortgage services are available online, via telephone and in person at various locations throughout the UK.

First Mortgage is a free UK mortgage search resource which endeavours to source the best mortgage, remortgage and mortgage protection deals from over 150 UK lenders. Mortgage services range from providing basic home-buying information for first-time buyers to full mortgage quotes and loan applications for established property owners.