Help to Buy (Scotland) Affordable New Build Scheme
Available from 1st March 2016
Help to Buy (Scotland) Affordable New Build Scheme is the new shared equity scheme from the Scottish government aimed at helping homebuyers purchase a new home with as little as 5% deposit.
The scheme is available to both first-time buyers and existing homeowners for new-build properties across Scotland with a maximum purchase price of £230,000 in 2016/17, reducing to £200,000 in 2017/18 and £175,000 in 2018/19.
Through Help to Buy (Scotland) buyers with a minimum 5% deposit can obtain assistance from the Scottish government of up to a maximum of 15% of the purchase price of their property, with the government holding its equity stake by way of a shared equity agreement and second-ranking. This could leave buyers only needing to secure an 80% mortgage with a high-street lender.
The scheme is available to home buyers regardless of their annual personal income with mortgages expected to be available from a range of high-street lenders.
A similar scheme is also in operation in England with Help to Buy.
Details surrounding the scheme are still to be finalised, with further information regarding the scheme expected to become available in the next few weeks.
To take find out more about Help to Buy (Scotland) search for your new home and speak to a member of our sales team for more information.
Terms and conditions
Applications can be submitted from the 1st March 2016.