Help to Buy

Help to Buy

First Time Buyer? Help to Buy could get you moving with just a 5% deposit.

Help to Buy (Scotland) Affordable New Build Scheme

The Help to Buy (Scotland) Affordable New Build Scheme is a Scottish Government scheme to help first time buyers and existing homeowners to buy an affordable new build home from a participating home builder. The scheme will operate until 31 March 2022 and Slater Hogg & Howison can help you make the most of this opportunity.

The scheme is open to first time buyers and existing homeowners and provides help of up to 15% of the purchase price of an affordable new build home. Applications to the scheme can be submitted until 9 months from the date of expected settlement of the purchase of your new home.

The assistance is not to help you provide a deposit to a lender, but support for the total cost (up to 15% of the purchase price). The properties provided under the scheme are affordable new build homes from a home builder who has been approved to participate in the scheme. If your application to the scheme is eligible, the Scottish Government will help you to buy your new build home so you do not have to fund all of it.

Your mortgage lender is likely to require you contribute a deposit of around 5% with your mortgage and deposit covering a combined minimum of 85% of the total purchase price. Your mortgage must be from a qualifying lender and must be a repayment mortgage. You are not permitted to buy a Help to Buy (Scotland) Affordable New Build home with an interest-only first mortgage.

Slater Hogg Mortgages can help you find the perfect deal to best suit your situation. Our mortgage advisors will discuss your options with you, and provide you with a range of suitable products from thousands of lenders. They can also give you further advice and information on the Help to Buy (Scotland) Affordable New Build Scheme.

If you are aged 60 or over, you are not required to take out a mortgage. Please note that a valuation will still be required even if you choose not to purchase with a mortgage. There are maximum ceiling figures which will apply to the price of a home that you are able to buy with assistance from the scheme.

The maximum threshold figures for the Help to Buy (Scotland) Affordable New Build Scheme is £200,000.

For more information about the scheme, and to find out which properties qualify – call us today.

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Help to Buy Equity Loan (Scotland)

The Government can lend you up to 15% of the cost of your new home and you will only need 5% deposit to buy, giving you a 85% mortgage.

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Equity Loan: London

If you're looking to move to London, the London Help-to-Buy Equity Loan scheme helps First Time Buyers with a 40% Government loan due to higher house prices. Under this scheme, the Government will lend you 40% of the purchase price interest-free for the first five years. You still only need a 5% cash deposit and then a 55% loan-to-value mortgage to make up the rest.

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Shared Ownership

If you can't afford a 100% mortgage on your own then shared ownership allows you to buy a share of your home (between 25-75% of the property value) and then pay rent on the remaining share. You can then choose to buy more shares later on to increase your ownership when you can afford to.

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Looking for a mortgage?

We are committed to helping find the best mortgage product for you, by comparing thousands of mortgages, so you don’t have to! Perfect for first time buyers, re-mortgages or buy-to-let.