Make Owning Your New Home a Reality
What is Help to Buy?
The Scottish Government’s Help to Buy (Scotland): Smaller Developers scheme helps first-time buyers and current homeowners purchase a new build home without the need for a large deposit. GS Brown Construction is a participating home builder in this scheme.
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.
Help to buy
- The scheme is only available on new build homes from participating home builders and on homes up to £200,000 for purchases on or before 31 March 2022
- Your mortgage lender will require you to contribute a deposit of 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.
- 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 charged 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.