According to figures released by the UK Government this week, more than 17,000 people have used the Help to Buy scheme to buy a new home.

The scheme is being used by people getting onto the housing ladder for the first time and by home movers all over the country.

The Help to Buy (Scotland) scheme helps buyers to buy a new build home from a participating home builder without having to fund all of the purchase price. The main features of the system in Scotland are:

• It is available only in relation to new build homes up to a value of £400,000 where the builder of the home in question is a member of the scheme.

• Generally a buyer will have a 5% deposit and 75% mortgage, which must be on repayment terms only. The buyer’s deposit and mortgage must cover a minimum of 80% of the house purchase price.

• The remaining balance, up to 20%, of the purchase price is paid by the Scottish Government in exchange for a 20% or equivalent share in the equity of the house. The loan from the Scottish Government can be repaid at any time.

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