How much can a house be to use Help to Buy Scotland?

There is a maximum ceiling price which will apply to the home that you are able to buy with assistance from the scheme. You cannot buy a home under the scheme if more than the applicable ceiling price. The maximum threshold price for the Help to Buy (Scotland) Affordable New Build Scheme is £200,000.

How do you qualify for Help to Buy?

The general eligibility criteria for Help to Buy is as follows:

You must be at least 18 years old.
You must be a first time buyer, meaning that you have never owned another property either in the UK or abroad.
You will require at least a 5% deposit of the full purchase price of the property.

How much deposit do I need for Help to Buy Scotland?

5%
Yes, you will still need to contribute a deposit of at least 5% (subject to individual lender requirements) of the value of the house or flat. The loan is available to help boost this deposit.

Can I get Help to Buy a house in Scotland?

The Help to Buy (Scotland) Affordable New Build scheme helps buyers to buy a newly built home without having to fund the entire price. The Scottish Government takes an ‘equity stake’ of up to 15% of the home’s property and you can pay this back at any time.

Can you use Help to Buy twice in Scotland?

Can you use the Help to Buy equity loan scheme twice? Yes, as long as your previous Help to Buy equity loan has been settled, you are permitted to apply to use the scheme again to fund a subsequent purchase.

Is the Help to Buy scheme for first-time buyers only?

The new Help to Buy scheme is available to first-time buyers only, subject to eligibility, and is restricted by regional price caps. In London, the initiative is available on new build properties with a maximum value of £600,000.

Why would help to buy be declined?

If you are declined by the help to buy mortgage lender: Being declined for a mortgage means you are not eligible for the mortgage with that mortgage lender. This could be because you have adverse credit such as county court judgement, a bankruptcy order, a default or an involuntary agreement.

How much money do you need for help to buy?

You need at least 5% of the sale price of your new-build flat or house as a deposit. The government lends you up to 20% (or 40% if you live in London) of the sale price up to the regional limits. You borrow the rest (up to 75%, or 55% if you live in London) from a mortgage lender, on a repayment basis.

Do I need a solicitor to make an offer on a house in Scotland?

This can be a simple mortgage valuation report, a more detailed survey report or a lengthy building survey. In Scotland, a formal offer for property must be submitted by a solicitor. A verbal agreement is never binding and an informal offer would probably be ineffectual.

Who is eligible for help to buy in Scotland?

The information below is for lenders and independent financial advisors on the Help to Buy (Scotland) Affordable New Build Schemes. The main Help to Buy (Scotland) Affordable New Build Scheme is available to larger homebuilders while the Help to Buy (Scotland) Small Developers New Build Scheme is available to smaller home builders.

When does the help to buy Scotland end?

The Help to Buy (Scotland): Affordable New Build Scheme, to give it its full name, offered interest-free equity loans of up to 15% of the value of a new-build home. The scheme was due to run until March 2022, but instead closed to new applications on 5 February 2021 due to budgetary constraints. Existing applications are still being processed.

Do you need share equity for help to buy Scotland?

Please be aware this is not part exchange, which is not permitted under the Help to Buy (Scotland) Affordable New Build Schemes. Only those who need shared equity support to purchase a home are eligible. Most applicants must take out at least a 25% mortgage.

How does Scottish Government help to buy work?

The Scottish Government has designed a sustainability calculator and accompanying guidance document which may be helpful to lenders and independent financial advisors to determine if a buyer is eligible to participate in the scheme. All applications are subject to assessment under the scheme rules. Please see worked examples below.