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Scotland Help to Buy scheme launched

A new Help to Buy scheme has launched, providing interest-free equity loans to first-time buyers and people moving home in Scotland.

The Affordable Home Ownership scheme could provide loans of up to 15% on the purchase price of a new home.

Buyers will need a deposit of at least 5% and a mortgage that covers at least another 80%.

The new scheme also introduces price changes on properties each year until the scheme closes. 

For example if you purchase a home before 31 March 2017, you can spend the maximum price of £230,000. The limit then reduces to £200,000 until 2018 and to £175,000 until 2019 (end of scheme).

Mortgages will also be means-tested under the new scheme, at the level of 3.5 times your joint income for those buying with a partner or 4.5 times if you’re purchasing alone.

To apply for Help to Buy Scheme, follow these steps:

  • contact a participating house builder and view a property
  • speak to a financial adviser/agent that administers the scheme
  • request an application from the agent
  • reserve a property and obtain a reservation agreement
  • submit application to agent.

Contact us today to find out more on Help to Buy schemes.