A new scheme to help people get on the housing ladder has been unveiled by Deputy First Minister, Nicola Sturgeon.
The Scottish Government will allocate £220 million over three years for the Help to Buy (Scotland) shared equity scheme to provide financial support to make buying a home easier.
From Monday 30th September the scheme is open to all first time buyers and existing homeowners buying a new build home from participating home builders. The home must be a buyer’s only residence and they must not own another home.
Under the scheme, the Scottish Government will provide help to eligible buyers of up to 20% of the purchase price of a new build home from a participating home builder. Eligible buyers will be expected to contribute a minimum of 80% of the cost of the new build home. The shared equity scheme will apply to homes worth up to £400,000 in Scotland.
The scheme is backed by the Council of Mortgage Lenders and house building industry body, Homes for Scotland, who have worked closely with the Scottish Government to develop a scheme suitable for Scotland.
Ms Sturgeon said:
“There is no doubt that getting onto, or moving up the property ladder has become tougher in recent years.
“House buyers are being hampered by the lack of affordable mortgages, with high deposits often a major barrier.
"The Help to Buy (Scotland) scheme will not only help people to buy their first home, it will also help ‘second-steppers’ and others move to a new property.”
Contact Us
If you are a first-time buyer, or are looking to buy your second or third home, then contact our specialist property lawyers today. To make an online enquiry please click here or call us on 0141 775 0005