Help To Buy

Started in 2013, Help to Buy (Scotland) is a Scottish government scheme which helps people buy new build homes from participating builders.

Although each individual case is different, generally if you can raise a deposit of around 5% and secure a mortgage for around 80% of the price of a new build property, the government will put up the remaining 15% and take an equity share in the property. The total amount the government will put up is dependent on your circumstances.

Although you can repay the government at any time, the government will only ask for its money back when you come to sell the property. There is no interest payable on money secured through Help to Buy (Scotland), but assuming your property value rises, then so will the value of the stake the government holds in it – and this will be reflected in the amount of money they receive once it is sold. If your property has fallen when you come to sell, the government investment will go down in line with your own.

There are a number of rules of Help to Buy (Scotland), including:

Help to Buy (Scotland) is only available on new build homes from participating builders
Help to Buy (Scotland) is only available on properties up to a maximum value of £200,000

You can read a summary of all of the criteria at www.scotland.gov.uk/htb

There is a limited amount of funds available each year for Help to Buy (Scotland) and the scheme will finish on 31st March 2021.   The scheme will remain open for business in each year as long as funds are available – so it is very much a first come, first served basis.

If you would like to find out more about Help To Buy (Scotland), then please make an appointment to see us at Wallace Quinn today.