GMS offers expert advice on First Home Fund scheme

Mortgage

The Greenock Mortgage Shop has experienced a sharp spike in demand despite the pandemic

The Greenock Mortgage Shop guarantees a professional and personal service for each and every customer.

The family-run firm has strong roots throughout the community, which has helped a number of residents secure their dream properties.

The Greenock Mortgage Shop, found on Cathcart Square, has experienced a sharp spike in demand despite the current economic setback due to the Covid-19 pandemic.

And, in an exciting step for first-time buyers, The Greenock Mortgage Shop is able to offer expert advice on the First Home Fund scheme. Any first-time buyer is eligible for the company’s First Home Fund. You still need a 5% deposit, and it can be used on almost any property, it doesn’t need to be a new build.

With a strong reputation for exceptional service, Lloyd Kingsman, along with stepson Chris, will guide you through every step of the First Home Fund process. For example, if you bought a property for £100k you would need a minimum of £5k deposit, and could borrow up to £25k from the FHF to top up the deposit. Your total deposit is therefore £30k meaning your mortgage is only £70k.

It works as shared equity, so however much you take as the loan will represent a percentage of the property. In the example above, this would be 25% (the exact percentage will vary depending on the purchase/borrow figures). There are no repayment timescales, but you would pay their share back whenever you sold, or if you wanted to buy out their share. This therefore means if your property value rises (or falls) whenever settling up, you would pay them back 25% (in this scenario) of the value at that time.

Applications open in April and can only be started once you have agreed a price on a property.

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