The Scottish Government has announced an extension to the Help to Buy (Scotland) scheme until March 2022. It claims this will help an additional 2,000 households as well as supporting house-builders. The extension of the scheme means an additional £55 million will be available for the year 2021/22.
Kevin Stewart, MSP, the housing minister said “Extending this scheme will help more people to buy a new-build property, particularly those who have suffered lower levels of income and have used up savings due to the impact of COVID-19 in recent months.” When asked about the impact on house-builders, he went on to say “A strong and growing house-building industry is vital to Scotland’s future economic prosperity”.
How does the Help to Buy (Scotland) Scheme work?
The full name of this scheme is the Help to Buy (Scotland) Affordable New Build Scheme. It is open to first time buyers and home movers alike. It helps you with up to 15% of the purchase price. That means you need a deposit and mortgage which together add up to at least 85% of the purchase price. However, you need to buy the new house from a builder who is registered with the scheme. To view registered builders click here. As you would expect, all major house-builders are on the list. In addition, there are a number of smaller builders who are part of the Smaller Developer scheme. You can also access Help to Buy when purchasing from these developers.
There is a ceiling of £200,000 as the purchase price.
For more information on how the Help to Buy (Scotland) Scheme works, check out the Scottish Government’s website. You can access this information by clicking here.
There are other Help to Buy schemes too. If you’re a first-time buyer, you might wish to consider the First Home Fund. you can find out more information on what that involves by clicking here.
Finally, if you need any assistance about buying or selling your house, please get in touch with us. You can call us on 0141 647 9851 or email Martin Berman on martin@cbcsolicitors.co.uk.
