If you’re looking to buy a new build property, but can’t afford the full cost, you may be able to get help through the Help to Buy (Affordable) New Build scheme.
Available to first-time buyers and existing homeowners, this scheme provides you with up to 15% of the purchase price of a new build home, meaning your mortgage and deposit covers a combined minimum of 85% of the total purchase price.
We know it can be a little confusing, that's why we've answered some of the most common questions below.
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Help to Buy is a government led scheme which helps people purchase a brand-new home with a much smaller deposit (5%). With Help to Buy the government gives you 15% as an equity loan, meaning your mortgage is only 80%, giving you access to a wider range of lenders.
Help to Buy is available to first time buyers and home movers
As a sole buyer, the affordability criteria is typically 4.5 times your gross income subject to other financial commitments, and for joint buyers, the typical rule of thumb is 3.5 times your combined gross income subject to other financial commitments.
Help to Buy is designed to help people onto the property ladder. Once the mortgage has been paid off, you will own 100% of your own home.
You will only pay back what the value of equity is worth. For example, if the value of your house falls, the amount you must pay back also falls.
The loan is only repaid upon sale of the property.
You can also choose to repay in minimum 5% increments. It’s important to note that this will have legal and valuation costs.
No. There are thresholds currently set by the government. To qualify for Help to Buy, you cannot purchase above £200,000 in Scotland.
The home you purchase must be your main residence.
You can’t own any other properties
Most of our developments offer Help to Buy and our sales teams are more than happy to talk you through it in more detail.
Explore our developments and speak to our sales teams directly.
You can refer to the government’s website for more information about Help to Buy Scotland.