If you want to buy a new build home but can't afford the total cost, you might be able to get help through the Help to Buy (Scotland) Affordable New Build scheme.
The scheme is open to first time buyers and existing homeowners, and helps you with up to 15% of the purchase price of a new build home.
Further details can be found in the Scottish Government's Information for Buyers leaflet.
You may only buy a new build home from a builder who is registered with the scheme. The Scottish Government has a list of participating home builders.
Before you apply
If you apply to the scheme, you will need to make sure that:
- your mortgage and deposit covers a combined minimum 85% of the total purchase price
- the value of the new build is not over the maximum threshold prices for the scheme
- you have spoken to either a lender or independent financial adviser before you apply to the scheme
- your mortgage must be a repayment mortgage, of at least 25% of the purchase price, and it cannot be an interest only mortgage
The two Help to Buy (Scotland) schemes
There are two types of Help to Buy (Scotland) scheme:
1. the Affordable New Build scheme
2. the Smaller Developer scheme
Both work in exactly the same way, and the agent who handles the schemes will tell you which one you'll be applying for depending on which home you want to buy.
You also have submit your application no more than 9 months in advance of the date you expect to finish buying the property.