A new Help to Buy scheme for Scotland will be available to house buyers from Tuesday 1 March making it even easier to get on the property ladder.
With news just out revealing that average monthly mortgage repayments are around £800 while the cost of renting is nearer £1000 – there really has never been a better time to buy.
The Help to Buy (Scotland) Affordable New Build Scheme is a Scottish Government scheme which aims to help first time buyers and existing homeowners to buy an affordable new build home. Story Homes is delighted to be one of the participating home builders able to offer this popular scheme to house buyers. The three year scheme will operate until March 2019 and house buyers will be able to submit applications from Tuesday 1 March 2016.
Story Homes Sales Manager, Susan Pollard said: “The scheme is open to first time buyers as well as existing homeowners and provides help for up to 15% of the purchase price of an affordable new build home. If your application to the scheme is eligible, the Scottish Government will help you to buy a new build home so you don’t have to fund all of it.
“Your mortgage lender is likely to require you to contribute a deposit of around 5% with your mortgage and deposit covering a combined minimum of 85% of the total purchase price. Your mortgage must be from a qualifying lender and must be a repayment mortgage.”
There are maximum ceiling figures which will apply to the price of a home that you are able to buy with assistance from the scheme. You cannot buy a home under the scheme if it is more than the applicable ceiling figure. The maximum threshold figures are:
• For financial year 2016/17 which is for purchases which complete on or before 31 March 2017, the threshold price is £230,000
• For financial year 2017/18 which is for purchases which complete on or before 31 March 2018, the threshold price is £200,000
• For financial year 2018/19 which is for purchases which complete on or before 31 March 2019, the threshold price is £175,000