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Help to Buy | McEwan Fraser Legal

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How does Help to Buy (Scotland) Work and conditions of the scheme?

How does Help to Buy (Scotland) Work and conditions of the scheme?

  • You could purchase a new home with a 5% deposit.
  • Help to Buy simply means people can purchase a new build property without the need for a large deposit
  • The Scheme is open to the Help to Buy affordable new build scheme
  • The threshold price for Help to Buy is £200,000
  • The scheme is available to help first-time buyers and existing homeowners
  • Applications for help to buy cannot be submitted more than nine months before the expected completion date.
  • The equity is interest-free.
  • Buyers should only submit a full mortgage application after an authority to proceed letter has been issued by the agent administrating the scheme.
  • You must take out at least a 25% mortgage.
  • A single person will not be eligible if he or she requires a mortgage of more than 4.5 times income or couples 3.5 times joint income.
  • Must be your only property
  • A mortgage lender is likely to require a deposit of around 5% and the mortgage and deposit must cover a combined minimum of 85% of the total home's purchase price.
  • Buyers cannot use interest-only mortgages and the maximum is 15% of the purchase price.
  • Guidelines advise that monthly costs are no more than 45% of your net disposable income.
Applications aged 60 and over

Applications aged 60 and over

Can apply to the scheme without the requirement for a mortgage. Mortgages of less than 25% will be permitted for this group. These applicants must demonstrate a housing need to move.

Under Occupations - living in property to large

The property no longer suits there needs. Cant manage stairs etc.

Support - need to be closer to family or friends that can provide care.

Repayments of Equity Share

  • There is no set deadline.
  • Purchasers can decide to acquire all or some of the Scottish Government Equity Share.
  • The Equity Share must be repaid on the sale of a home.
  • Decisions are made on a case by case basis if you wish to borrow more money on your property at a later date.