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Help To Buy
Help to Buy (Scotland) is a Government scheme designed to help first time buyers who have at least a 5% deposit saved for the purchase of their new build home. GS Brown Construction is a participating home builder.We recommend that you seek sound independent advice from a mortgage advisor to find out if you qualify for a HTB loan. Here are the main guidelines as published on the Scottish Government website.
- the schemes are only available on new build homes from participating home builders and on homes up to £200,000 for purchases on or before 31 March 2018, and £175,000 for purchases on or before 31 March 2019
- your mortgage lender is likely to require you to contribute a deposit of around 5%, your mortgage and deposit must cover a combined minimum 85% of the total purchase price.
- your mortgage from one of the participating lenders must be a repayment mortgage, of at least 25%, and cannot be an interest-only first mortgage;
- the Scottish Government will help buyers to purchase the property by taking an equity stake of up to a maximum 15% of the value of the property;
- no annual interest is charge on your equity stake;
- the Scottish Government’s equity stake can be repaid at any time and is based on the value of the property at the time of the repayment;
- the scheme is only available to those who are unable to afford to purchase the property without the Government purchasing an equity share in the property, i.e. if you are able to afford over 100% of the purchase price through a combination of available mortgage and deposit your application will not be eligible;
- the scheme is not available to a single person who requires a mortgage of more than 4.5 times their income or couples that require a mortgage of more than 3.5 times their joint income; and
- there are currently eight participating lenders offering mortgages for the Help to Buy (Scotland) Affordable New Build schemes, please contact them to check what their lending criteria is.