How could Help to Buy help you
A handy guide to ‘Help to Buy’
This year, the Scottish Government announced a two year extension to its existing ‘Help to Buy’ scheme, helping first time buyers across Scotland take those all-important steps onto the property ladder.
The scheme, which has now been extended up to 2021, was set up to ease the pressure on buyers and has already helped thousands of households across Scotland purchase a new-build home.
But how does it work?
Launched in 2013, the ‘Help to Buy’ scheme allows first time buyers and aspiring home owners the chance to get on to, or move up the property ladder without having to source a sizable deposit for a mortgage.
Through the scheme, buyers can secure a mortgage for a new-build home at 5%, with an equity loan provided by the Scottish Government of up to 15%, leaving owners with a minimum of 85% to pay on their property.
The Government loan is interest-free for its term, meaning that the cost of the deposit and mortgage repayments are considerably lowered and as it’s not a shared ownership scheme, you own 100% of the property.
Since it started five years ago, the ‘Help to Buy’ scheme has helped more than 12,000 households secure their new home.
So what’s the catch?
While it may seem too good be true, there are just a few stipulations between you and your new home. Crucially, ‘Help to Buy’ is capped at properties costing £200,000 and it must be your sole place of residence. The loan cannot apply to part exchange or buy to let.
Help to Buy in Chapelton
At Chapelton some of our most sought after homes are now available through ‘Help to Buy’ which means that the property of your dreams may not be far out of reach.
In addition to two bedroom homes at £199,950, housebuilder ZeroC is offering its Keithlock apartment priced from £189,000. Boasting an en suite master bedroom, large second bedroom, plenty of storage and open kitchen, living and dining space, this apartment is ideal for those keen to make the most of Chapelton’s location, which is near the city but still enjoys a countryside setting.
Award-winning housebuilder Stephen’s Help to Buy properties have already proven extremely popular with first time buyers with just one two-bedroom cottages available to purchase using the scheme. Priced from £199,500 the Inchcape offers a large entrance hallway, two spacious bedrooms, bathroom and open plan kitchen and lounge area finished with French doors leading out onto a garden area.
With so many great local facilities and plenty to see and do, Chapelton is the perfect place to start your future.