Date: Friday 12 June 2020
Following an announcement this week by the Scottish Government, buyers now have until March 2022 to take advantage of the Help to Buy (Scotland) scheme. This offers buyers a 15% equity loan which is available on new build properties up to the value of £200,000. It is possible to repay the Scottish Government at any time, and the Help to Buy (Scotland) scheme is available to both first time buyers and existing homeowners alike. Eligible purchasers will receive a Scottish Government equity loan of up to 15%, which means that buyers only need to put down a 5% deposit and may only require an 80% loan-to-value mortgage.
Kirsty McGill, Sales and Marketing Director for Taylor Wimpey East Scotland said: “News of the Scottish Government’s extension to its popular Help to Buy scheme is really welcome news. Over the past few years Help to Buy has provided a large number of buyers with the helping hand they need to make the move to a new home. The Scottish Government’s extension of the scheme until March 2022 will be a great boost to buyers considering their next move.
“The Help to Buy scheme could also make owning a new home even easier and more affordable than buyers might think. In fact, they may well find that monthly mortgage repayments are less than the amount they have been paying if they rent a property. In short, the assistance that Help to Buy offers buyers in Scotland may mean they could be on the move to a new home sooner than they had thought possible.
“Our Sales Executives are on hand to help buyers understand more about the scheme and our range of homes and locations that offer Help to Buy. We would encourage buyers interested in finding out how this scheme could work for them to get in touch with us.”
Find out more about Help to Buy (Scotland) here.