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Change to Scottish buying schemes: Help to Buy (Scotland) and First Home Fund

There have been some changes to Help to Buy (Scotland) and First Home Fund as part of the Scottish Government’s 2021 Budget – here’s everything you need to know.

Help to Buy (Scotland)

It was announced that the Help to Buy (Scotland) Affordable New Build Main Scheme for 2021/22 will be coming to an end, but the good news is that the Help to Buy (Scotland) Small Developer New Build Scheme for 2021/22 is still running, which means that you can still purchase a Story home in Scotland using Help to Buy. You can find out more about the scheme here.

First Home Fund

The First Home Fund scheme will still be available to first time buyers, however the pot of money available has reduced to £60m. The money will be allocated to customers on a first come first serve basis and once the funding is gone the scheme will come to an end, so you’ll have to be quick if this is the right scheme for you! Applications can take place from 1 April 2021 and it will be available at both of our Scottish developments, Pentland Reach in Biggar and Summerpark in Dumfries. Find out more about the scheme here, which could save you up to £25,000.

Land and Building Transaction Tax (LBTT)

The Scottish Government also confirmed that the residential LBTT nil rate band, introduced in summer 2020, will not be extended beyond its March deadline. This means if you want to take advantage of buying a Story home without LBTT, you will need to move in to the home before 31 March 2021 – until this date you’ll pay no LBTT on our homes that are £250,000 or less. Here’s a breakdown of the rates:

LBTT rates effective Wednesday 15 July 2020 to Wednesday 31 March 2021

Homes up to £250,000:  0% LBTT

Homes from £250,001 to £325,000: 5% LBTT

Homes from £325,001 to £750,000: 10% LBTT

Homes over £750,000: 12% LBTT

LBTT rates effective from Thursday 1 April 2021

Homes up to £145,000: 0% LBTT

Homes from £145,001 to £250,000: 2% LBTT

Homes from £250,001 to £325,000: 5% LBTT

Homes from £325,001 to £750,000: 10% LBTT

Homes over £750,000: 12% LBTT

The only exception to the rates is for first time buyers, who can still take advantage of paying no LBTT on Story homes up to the value of £175,000.

If you have any questions or would like to find out more about our beautiful homes in Scotland, our Sales Executives will be happy to help – you can find contact details on the development pages of our website.

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