Help to Buy Scheme Extended

Good news for purchasers in Scotland this week as the Government extends the Help to Buy Scheme by a year- to March 2022. The scheme is applicable for new build properties to help the economic recovery of the construction industry in the wake of Covid-19. The government has announced that £55 million of funding will be made available.

The scheme will be a huge help to purchasers with lower incomes or reduced savings as a result of Covid-19, particularly with lenders potentially requiring larger deposits.

How does it work?

Purchasers looking to buy a new-build property can apply to the Scottish Government for funding towards the purchase price of the property. These funds are added to your deposit, which means that you can apply for a smaller, more affordable loan. The funds provided by the Scottish Government are secured against the property and will need to be repaid before you can sell the property in the future. The scheme is only available for properties up to the value of £200,000. Your deposit and your mortgage must make up at least 85% of the value of the property.

With new developments throughout Renfrewshire such as Dargavel Village, Hawkhead Gardens and Weirs Wynd to name a few, there are hundreds of homes eligible for this assistance.

Walker Laird’s conveyancing solicitors in Paisley and Renfrew can guide you through the process. Contact us now.