Help to Buy schemes
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) schemes.
The schemes are open to first time buyers and existing homeowners, and help you with up to 15% of the purchase price of a new build home.
There are two types of Help to Buy (Scotland) scheme:
- the Affordable New Build scheme
- 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.
Find out how to apply for the Help to Buy (Scotland) schemes.
Help to Buy for over-60s
People aged 60 or over have priority in the Help to Buy (Scotland) schemes.
While others have to take out a mortgage if they're buying a house through the schemes, over-60s don't have to do this.
If you do want to take out a mortgage, it doesn't have to be at least 25% of the purchase price like it does with other applicants.
You may be eligible for the scheme if you:
- are aged 60 or over
- maximise your stake using your full house sale proceeds, savings or both
- show you have a need to move
Joint applications may be eligible if only one of the applicants is aged 60 or over.
Maximising your stake
If you're over 60 and applying for one of the Help to Buy (Scotland) schemes, you have to take the biggest stake possible. This means if you're selling an existing home, you have to contribute the full proceeds from your sale (minus expenses) to your new home.
If you can raise the price of the home by selling your current home and using your savings, you aren't eligible to apply.
You may be able to keep some savings if you have other costs you must pay, for example care home costs for your spouse.
Need to move
To get priority when applying for a Help to Buy (Scotland) scheme you have to be able to show you need to move. For example:
- your home is too large and you need to downsize (this is called 'under occupation')
- your home isn't suitable to meet your needs any more (for example, if you can't manage the stairs)
- you need to move closer to family or friends who can provide care and support