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.
As a qualified lender, Slater Hogg & Howison 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.