Scottish Labour Leader Iain Gray today met with first-time buyers and pledged to help them realise their dream of owning their own home by introducing a new ‘First Foot’ scheme if he is elected as First Minister.
The party claims its new mortgage indemnity guarantee scheme will ‘reduce the size of deposits on new properties to only five or ten per cent and underwrite the bank’s risk in lending to an individual with a lower deposit.’
The scheme has been backed by senior figures across the construction industry.
Mr Gray, said: “First-time buyers are struggling to find deposits to get their foot on the housing ladder with some banks asking for up to 25 per cent.
“The industry needs a steady flow of first-time buyers to boost sales further up the chain. That is why I will introduce a First Foot scheme to help 2,000 first-time buyers realise their dream of owning their own home.
“It will make deposits more affordable and the building trade will benefit if we see more sales as a result of the scheme. Supporting the construction industry is part of Labour’s plans to get Scotland back to work.
“Focusing on jobs, the economy and making our communities better is what people can expect from a Labour government.”