The latest updates on the Help to Buy scheme

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What is Help to Buy?

Put simply, Help to Buy could help you either get on the property ladder, or move up it and purchase a new home with just a 5% deposit. We’ve explained the Help to Buy scheme Scotland to help you understand what it is and how they could potentially help you.

There are two schemes available:

  1. Mortgage guarantee (resale and new build) available on properties up to £600,000.
  2. Equity loan (new build only) available on properties up to £400,000 {in Scotland only}

Whether you are a First Time Buyer looking for houses for sale in Edinburgh or a next time buyer looking for a new home anywhere in East Central Scotland, the Help to Buy scheme could be for you if you need a little help moving onto or up the property ladder.

Help to Buy gets more funding

The Help to Buy schemes were introduced in Scotland last year and Nicola Sturgeon just announced at the end of May that a further £40 million has been put towards the schemes. She was quoted on the funding saying:

"This additional £40 million funding will allow more people in Scotland to buy their first home and continue to make it easier for 'second-steppers' and others to move to a new property," she said.

"Since it launched in September last year, our Help to Buy scheme has already helped over 1,000 households into home ownership and this additional funding will benefit even more families.

"It is also bringing much needed economic growth to Scotland by supporting our housing industry and creating employment opportunities. This is alongside our continued commitment to investing in affordable housing for communities across Scotland.'' - The Courier

Mortgage guarantee scheme figures

For those looking on help buying a pre-owned home (not new build) then there is positive news for those still considering to use the scheme.

Figures show that 13% of completions of home sales came via the Help to Buy Mortgage guarantee scheme and a total of 7,000 homes have been bought with the help of the scheme across the UK as reported by the HM Treasury via GOV.UK

Home builders back funding

For those looking for a brand new home, the Help to Buy shared equity scheme also has shown to have affected home sales.

Philip Hogg, chief executive of trade body Homes for Scotland, said new figures emphasised the “long road ahead” in ensuring that supply can meet demand. He said:

“The Scottish Government’s Help to Buy shared equity scheme has had a very positive impact...The recent £40m boost for Help to Buy Scotland is welcome, but ongoing funding must match demand and the scheme extended to ensure investment is not diverted elsewhere.”

Get talking

If you want any advice on Help to Buy Mortgages in Scotland then do speak to an IFA (Independent Financial Adviser). ESPC has their ESPC Mortgages team on hand in our ESPC Showroom in Edinburgh for you to have an obligation free chat Monday- Friday.

Get in touch with the ESPC Mortgage Team calling 0131 624 8680 or by sending them a message.

The initial consultation with an adviser is free and there is no obligation on your part. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£250 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Where reference is made to Independent and/or Individual advice, this will be provided by ESPC Mortgages which is a trading style of ESPC (UK) Ltd. ESPC (UK) Ltd is a wholly owned subsidiary of Edinburgh Solicitors Property Centre Limited and is an Appointed Representative of Accord Consultancy Limited which is Authorised and Regulated by the Financial Conduct Authority.