Lothian Mortgage Service

Offering Impartial Mortgage Advice in Edinburgh and West Lothians

Phone Number: 0131 212 5006

Help to Buy Scheme Edinburgh

Do you want advice for the Help To Buy Scheme? Sometimes it can seem an impossible task to save enough for your first deposit.

But if you take advantage of the expertise available as well as beneficial government schemes, you can secure your mortgage for a deposit of as little as 5%.

The Scottish government's Help to Buy scheme became available across the UK in 2013, with some minor differences in application between England and Scotland.

The scheme allows you to combine a 15% equity loan on the property, which the government provides, with a 5% deposit on your new home. This means you'll only need a mortgage of 80% on your home.

The process can seem overwhelming, but we have qualified experts in the mortgage industry here to help you. We can handle all the arrangements, including liaising with the solicitors, builders and lenders on your behalf, so that you can watch your dream become a reality with genuine peace of mind.

Help to Buy Scheme Edinburgh

Is Help to Buy only for new builds?

Yes, the scheme is exclusively available to new build properties up to the value of £600,000 in England; £300,000 in Wales, and £200,000 in Scotland.

The Scotland affordable new build scheme gets people on the ladder of the housing market in Edinburgh. The schemes are there to provide first time buyers with the opportunity to buy a new home, which is affordable and also cost-effective.

There are many new build properties to choose from in the new build scheme in Scotland, with various purchase price ranges available. If you don't pay the financial obligations, your home may be repressed, which is why the Scottish Government came up with the shared ownership scheme.

How do I qualify for Help to Buy?

Contrary to many people's preconceptions, the Help to Buy scheme is available to benefit both first-time buyers and pre-existing homeowners provided your new home is your only place of residence on completion.

The process can seem confusing, but with the right help fighting your corner, from the lawyers' office to the building site, we have the contacts and advisers to make the journey into your new home a smooth one for you.

How do I qualify for Help to Buy?

To qualify for the affordable new build scheme with the Scottish Government, you must be able to afford the mortgage terms, so please use the mortgage calculator once you have discussed the purchase price with a professional or lender to ensure you can afford to pay.

What is the Help to Buy Scheme?

The Scottish Government has developed an affordable new build property scheme. Help to Buy Scotland assists first time buyers to purchase a property in Scotland and gives them the support they need to find a home in a more reasonable price range.

This scheme is subject to certain criteria so please contact us for details and further information, without obligation.

Shared equity allows first-time buyers to find a home to start their family in their ideal property at a more realistic price.

To apply for the Help to Buy Scotland affordable new build scheme, you must email us with your details, and we can inform you of properties available on the open market, within your maximum price range.

Help to Buy Equity Loan

The Help to Buy Equity Loan assists first time buyers to purchase a new property by keeping their mortgage repayments low and ensuring they won't have to pay interest for up to five years.

The scheme also gets people into the housing market quicker, so they can move into their new home as soon as possible. To apply for this equity loan, you are required to pay at least a 5% deposit of the total value of the sale price towards your new home.

After you have paid the equity loan, you are entitled to borrow a maximum of 20% of the purchase price of the house you want to be living in. Then you must apply for a mortgage to fund the last part of the house.

For example, if you choose a Help to Buy Scotland affordable new build home that has a value of £200,000, you must pay £10,000, borrow an equity loan of up to £40,000 and apply for a mortgage of £150,000.

Buying Through Shared Ownership

If you are a first-time buyer, shared ownership can be extremely beneficial. It basically means you have shared equity in the new build home you are buying, and the Government owns a share or stake in your home.

This also means the interest you are paying on your mortgage will be less; therefore, more affordable. For more information on shared equity, contact us to see how this could or would work for you. In the meantime, why not search for new build home development areas?

You can use this scheme if you are a first-time buyer, or used to own a house but can't afford to buy another, or if your household only earns a low income. To discuss this in more detail, please get in touch.

Help to Buy ISA

Help to Buy ISA's were set up by the Government to aid first time buyers to pay the deposit and purchase their first home. It is basically a savings account which the Government also puts money in to. The more you save, the more you will receive from the Government, so it is also a great motivational idea.

Usually, the classified amount from the Government is 25% of your savings. So, when you are ready to put the deposit down on your first home, and open your Help to Buy ISA, you will have the money you've saved, plus 25%!

Contact Us

Here at Lothian Mortgage Service, based in Edinburgh and the West Lothians, we are independent mortgage specialists. We are highly qualified to ensure we can give you the best advice on your mortgage for first-time buyers and existing homeowners.

If you would like to find out more information, please search through our website, or contact us today. You can get in touch with us by giving us a call, or you can send us an email. A member of our team will always be available to provide you with the advice you need or give you a free consultation.

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