With the property market moving quickly at the moment, it’s essential you have your finances lined up when it comes to buying your new home.
One of the biggest challenges for every buyer is to ensure there’s a sufficient deposit to place with your mortgage to enable you to buy your new house.
To help people buy a new home, the Scottish Government has introduced a number of Help to Buy schemes and has recently extended the Help to Buy (Scotland) scheme which focuses on the new build market. This scheme will now run until March 2022 and the Scottish Government believes this scheme will help an additional 2,000 households move into a new home.
How does the Help to Buy (Scotland) scheme work?
The scheme is open to both first-time buyers and home movers alike. It provides up to 15% of the purchase price. This means you need a mortgage and deposit of at least 85% of the purchase price. You need to be aware that this particular scheme is limited to new properties only.
The scheme is split into two parts – the Help to Buy (Scotland) Affordable New Build scheme and the Help to Buy (Scotland) Smaller Developer New Build scheme. Most of the major house builders are involved in the Affordable New Build scheme and there are many smaller house builders involved in the Smaller Developer New Build scheme. You can view a list of house builders by clicking here.
There is a cap on the purchase price of £200,000.
If you’d like to find out how it works and how to apply, please click here.
A Special Fund for first-time buyers
The Scottish Government has also created a special fund that focuses on first-time buyers. This is called the “Fist Home Fund”. For those first-time buyers looking to get onto the property market, you could get up to £25,000 towards the cost of the house you want to buy. There aren’t any restrictions on how much the property costs or whether it’s a new build house or an existing house.
Click here to have a look at the leaflet that’s been produced giving you all the information you need on the First Home Fund.
These are just two of the help to buy schemes available to support property buyers. If you’d like to have a look at the other schemes available, please click here.
If you need any help with buying or selling your house, please get in touch with us.