Since its launch in September last year, Scotland’s Help to Buy scheme has received over 1200 applications, and has helped more than 200 families successfully gain a mortgage and move into their new homes, the Scottish Government has reported.
Help to Buy (Scotland) is a scheme aimed at helping people buy their own home. It is open to all first time buyers and to existing homeowners who are buying a new build home from participating home builders. The house being purchased must be a buyer’s only residence and they must not own another home.
Under the scheme, the Scottish Government will help eligible buyers with up to 20% of the purchase of a new build home from a participating house builder. To date, 109 house builders have signed up, with five lenders offering mortgages under the scheme.
Commenting on the figures, Philip Hogg, Chief Executive of industry body Homes for Scotland, said:
“With the new year leading many to consider a fresh start in a new home, the Help to Buy shared equity scheme is proving that it is possible for those buyers to realise their home owning aspirations without the difficulties caused by large deposit requirements. This is demonstrated by recent statistics which indicate that over 1000 applications have been received in just a few months since the scheme launched.
“It builds upon the success of the MI New Home 95% mortgage guarantee scheme, and represents another valuable tool offered by the new build sector to assist those looking to move onto and up the housing ladder. Indeed, it has already demonstrated its ‘game changing’ impact since launch last September, acting as a positive indicator for industry recovery.”
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