Monday, 30 September 2013

Help to Buy (Scotland)

From today, Monday 30 September, the Help to Buy (Scotland) shared equity scheme is open to all first time buyers and existing homeowners buying a new build home from participating home builders.

The Scottish Government are to allocate £220 million over three years for the Help to Buy (Scotland) shared equity scheme to provide financial support to make buying a home easier.
The Scottish Government will provide help to eligible buyers of up to 20% of the purchase price of a new build home from a participating home builder.  An eligible buyer will be expected to contribute a minimum of 80% of the cost of the new build home. The shared equity scheme will apply to homes worth up to £400,000 in Scotland.  The home must be a buyer’s only residence and they will be expected to sell any existing home before they purchase a new home under the scheme. 
The scheme is backed by the Council of Mortgage Lenders and house building industry body, Homes for Scotland, who have worked closely with the Scottish Government to develop a scheme suitable for Scotland.
The progress of the Help to Buy (Scotland) scheme will be monitored by a group including Council of Mortgage Lenders and Homes for Scotland.
It is hoped that the scheme, together with last week’s announcement on the extra time being allocated before Building Regulations energy changes are introduced, will give the Scottish construction industry a major confidence boost as well as the certainty it needs to plan investment.

A full list of participating home builders and information for prospective buyers is available form the Scottish Government website.

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