New Help to Buy scheme could see more first-time buyers on the property ladder
First-time buyers could become homeowners sooner than they think, thanks to the Scottish Government’s new help to buy scheme.
The scheme, which is set to launch later this year, will give first-time buyers the chance to loan up to £25,000 for a deposit on their first home.
At this moment in time we know very little about the scheme and how it will work. What we do know is that there are affordable housing schemes available to first-time buyers, one being the Help-to-Buy (HTB): Affordable New Build Scheme administered by Highland Residential.
The HTB: Affordable New Build Scheme, funded by the Scottish Government, helps first-time buyers and existing homeowners purchase an affordable new build home from a participating home builder. The scheme provides help of up to 15% of the purchase price of an affordable new build home and will operate until March 2021 with the opportunity for extension.
As well as HTB, Highland Residential also administer the Scottish Government’s LIFT New Supply: Shared Equity scheme. The scheme is available to first-time buyers who are on a low to moderate income and helps individuals purchase a new build home from a council or housing association. Homeowners own 60-80% share of the property, with the remaining share held by the Scottish Government.
Both HTB and LIFT ask for individuals to apply to the scheme before viewings can be conducted by Highland Residential. For more information or to download an application pack, click here > Buying Options