Head of Content
Mortgage Advisor & Director
About the scheme
The scheme is designed to support applicants in Scotland looking to buy a new-build property.
Open to both first-time buyers and existing homeowners, the scheme allows the Scottish Government to provide up to 15% of the purchase price. You will own a minimum of 85% of the property through a combination of a mortgage and deposit, with the Scottish Government owning the remaining percentage. You can increase your share over time to a maximum of 100%.
The scheme is open to first-time buyers and existing homeowners and helps you with up to 15% of the purchase price of a new build home.
There are two variations of the scheme depending on the house you are looking to buy:
- the Affordable New Build scheme
- the Smaller Developer scheme
There are 16 lenders offering mortgages through the scheme:
- Bank of Scotland
- Barclays
- The Cumberland Building Society
- Glasgow Credit Union
- Halifax
- Kensington Mortgages
- Leeds Building Society
- Lloyds Bank
- The Mortgage Lender
- Nationwide
- Precise Mortgages
- Scotwest Credit Union
- Skipton Building Society
- TSB
- Vida Homeloans
- Virgin Money
Eligibility and conditions
The threshold price is £200,000 up until the end of the financial year 2021.
You will need to contact a participating home builder and independent financial advisor or lender before applying.
You will apply to a registered administrator which will depend on your area.
The mortgage must be a repayment mortgage of at least 25% of the purchase price.
If your application is successful, the missives (sale negotiation documentation) must be completed within three months ahead of the agreed date, and you must move within nine months of this date.
If you want to increase your equity in the property, this must be in done 5% increments.
Renting and subletting the property is not permitted.
More information
Our team of experienced advisors have helped many people to secure the best deal possible on their Help to Buy mortgage, complete our simple online form today to get started!
More information can be found on mygov.scot.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
