Guide

Shared equity for older people

Last updated: 2 November 2017

Help to Buy (Scotland) 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're eligible in this way if you:

  • are aged 60 or over
  • maximise your stake using your full house sale proceeds
  • 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 your savings, you aren't eligible to apply.

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. This means you have to show that either:

  • 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
Shared equity for older people
Help to Buy (Scotland) schemes