A scheme that helps people get on the housing ladder for the first time or move to a new property is to receive an additional £40 million of funding, the Scottish Government has announced.
The Help to Buy (Scotland) initiative has apparently helped more than 1,100 people to buy a new home since its launch in September 2013.
The scheme helps people to buy a new-build house from a participating home builder without having to fund the entire purchase price. The buyer is required to contribute a 5% deposit, with the Scottish Government taking an equity stake of up to 20% of the value of the property.
The buyer then receives the outstanding sum through a repayment mortgage from a participating lender, repaying the Scottish Government’s equity stake when they can financially afford to do so.
So far a total of 156 house-builders have signed up for the initiative, with six mortgage lenders offering mortgages to buyers wanting to benefit from it.
New Homes for Scotland Chair Sandy Adam said:
“This welcome boost for Help to Buy (Scotland) is valuable in another way. Many people in Scotland want to own their own home. Raising aspiration and confidence in this way can only be achieved through initiatives such as this.”
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