Scottish Widows Bank is voicing support for the chancellor and his changes to Stamp Duty legislation on shared ownership to help in this mornings Budget.
Richard Clark, head of product development and marketing at Scottish Widows, says: “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 key workers and 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.”
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.