11 Jun 2020
Help to Buy scheme extended in Scotland
The Scottish Government has announced a new multimillion-pound fund to help people buy a new-build property.
An extra £55million is being pumped into Scotland's Help to Buy scheme, extending it to March 2022.
The scheme, where eligible purchasers receive an equity loan towards the cost of a new build home, has helped thousands of people take their first step on to the property ladder.
How it works
Through the Help to Buy (Scotland) Affordable New Build scheme, you will be able to buy a new-build home without having to fund its entire cost and will receive assistance from the Scottish Government.
You'll be expected to pay a minimum of at least 85% of the home's total purchase price and the Scottish Government will hold the remaining % share under a shared equity agreement which it will enter into with you.
Although you'll have complete title to your home and your name will be on the title deeds for it, there will be a mortgage (or 'standard security') on the property to make sure the Scottish Government's share is protected.
Threshold prices
If you want to buy a new build home using the Help to Buy scheme, the property purchase price cannot be more than the threshold price.
The threshold price is £200,000 for the financial years 2018-19, 2019-20 and 2020-21.
Click here to read more about how the scheme works.
Access Help to Buy with Aberdein Considine
If you are thinking of buying a new-build home, our solicitors can take care of all the legal work and help you utilise the Help to Buy scheme.
We also have a team of independent mortgage advisers who will help you find the best mortgage deal, free of charge.
With property and mortgage experts under one roof, we make moving easy!
Click here if you would like us to help you buy your next home.