Help to Buy
The Scottish Government's Help to Buy (Scotland): Affordable New Build Scheme helps first-time buyers and current owners purchase a new build home through a shared equity agreement.
Buy a new-build property from a participating house builder with a loan of up to 15% of the property price from the Scottish Government. Buyers must be able to fund at least 85% of the purchase price of a selected property through a combination of mortgage and a minimum of 5% deposit (if one is required by their lender).
Applicants aged 60 and over
Persons aged 60 and over can apply to the scheme without the requirement for a mortgage. Mortgages of less than 25% will also be permitted for this group. These applicants must demonstrate a housing need to move which should include at least one of the following:
• Under occupation – living in a property which is too large and need to downsize
• The property is no longer suitable to meet their needs – can no longer manage the stairs etc.
• Support – need to move closer to family or friends that provide care and support
Joint applications may be eligible (without the requirement for a mortgage) where one of the applicants is aged 60 or over.
The Scottish Government receives its percentage back when you sell your property or if you choose to buy out the Government Equity Stake.
New funding and thresholds announced
The Scottish Government has recently confirmed funding of £195 million for the scheme over the next 3 years.
The maximum threshold sale price for the scheme is as follows:
- For financial year 2016/17 (transactions concluding up to 31 March 2017) the threshold price is £230,000
- For financial year 2017/18 (transactions concluding up to 31 March 2018) the threshold price is £200,000
- For financial year 2018/19 (transactions concluding up to 31 March 2019) the threshold price is £200,000
- For financial year 2019/20 (transactions concluding up to 31 March 2020) the threshold price is £200,000
- For financial year 2020/21 (transactions concluding up to 31 March 2021) the threshold price is £200,000
The scheme will open to applications on 1 March 2016 for house purchases completing after 1 April 2016. You can access the application form here.
For further information
If you're a buyer looking for more information click here.
For further information on the scheme and details of participating house builders please visit the Scottish Government’s website.