Help to Buy Scotland has been extended
If you’re thinking of buying a new home in Scotland, you’re in luck. The existing Help to Buy scheme has been extended until 31st March 2022, meaning your new home may be easier to buy than you think.
How does the scheme work?
Buying a new build house in Scotland is now a lot easier with the government’s Help to Buy Scotland Affordable New Build Scheme.
The scheme offers homebuyers in Scotland the chance to apply for an equity loan of 15% from the Scottish Government. The scheme is designed to help first time buyers, as well as existing homeowners, buy a new build home from a participating home builder - so long as this will be their only property.
Your mortgage lender will usually require a minimum 5% deposit, with your total mortgage and deposit amounting to at least 85% of the total cost of the new house. Your mortgage must be from a qualifying lender and has to be a repayment not interest-only mortgage.
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.
Find out more about the Help to Buy (Scotland) scheme.
Looking to find your new Lovell Home in Scotland? Take a look at our latest developments.