Owning a brand new home is a major goal for many people. But, often, there are many barriers in the way of fulfilling this dream.
Saving for a large deposit can feel impossible if you have lots of monthly outgoings like rent, car payments or credit card bills. However, if you’re eligible for Help to Buy then you could have a home of your own starting with a 5% deposit.
The Help to Buy (Scotland) New Build scheme, which runs until March 2022, is supported by the Scottish Government to help eligible buyers purchase a new build property in Scotland.
This Help to Buy scheme offers a contribution to the purchase price of your property. If you’re a first time buyer then this scheme allows you to get on the property ladder faster and at a fraction of the deposit normally required.
At Scotia Homes, we are pleased to offer the Help to Buy scheme on selected properties with a purchase price of up to £200,000.
As a buyer, you’ll pay a 5% deposit towards the price of the property; and the Scottish Government gives you a 15% equity loan. Then, your mortgage should cover the remaining 80% of the purchase price over the long term.
Currently, we offer this Help to Buy scheme on a range of 1 bedroom flats available at Dubford, Bridge of Don.
It’s important to think about what you can afford to spend on a new property; your mortgage repayments will be an additional monthly outgoing.
So, some considerations:
Based on your current income, what can you afford?
Will you need to cut back in some areas of your spending?
Do you feel comfortable with having a mortgage over the long term?
Say, you are interested in a 1 bedroom apartment, flat type 13 Victorian, at our Dubford development in Bridge of Don.
Purchase price is: £135,000
Say you have 25 years term mortgage
Help to Buy Equity Loan: £20,250
In short, you own a minimum 85% of your home’s equity, when you first purchase the property, with the Help to Buy scheme.
But, you can increase your share by repaying the Scottish Government by 5% each time. Over time, you can continue to increase repayments to the Scottish Government until the property is completely owned by you.
Terms and conditions apply. Speak to your Solicitor for further information and eligibility.
For more details about our Help to Buy Scheme, and eligible available properties, speak to one of our Sales Advisors here.