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    26 July 2016

    Your own home is closer than you think – Help to Buy explained

    At Muir Homes we do everything we can to make your dream home a reality and Help to Buy is just one of the ways we support buyers to purchase a new home.

    The Help to Buy (Scotland) Affordable New Build Scheme is a government initiative that makes it easier to secure a mortgage with a smaller deposit, giving you the opportunity to choose from a wider range of new build homes across the country.

    The initiative is available on new build homes up to the value of £230,000 with a completion before 31st March 2017. The value reduces after this date, so it’s best to get your application in as soon as possible to make the most of the available funds.

    Help to Buy has been created for people who might otherwise struggle to raise the money required for a deposit, but you don’t have to be a first-time buyer to qualify for the support. Existing homeowners must simply sell their current property before buying a new one using Help to Buy.

    The Help to Buy mortgage requirements

    Your mortgage and deposit combined must cover a minimum of 85% of the purchase price of your new home, and your mortgage must:

    • Come from a participating lender
    • Have a loan-to-value of at least 25%
    • Not be an interest-only first mortgage

    With Help to Buy, the Government will take an equity stake of up to 15% in your new home. No interest is charged on this equity stake, it can be repaid at any time and it is based on the value of your property at the time of the repayment.

    For more information on the Help to Buy (Scotland) Affordable New Build Scheme, or to see which Muir Homes properties are available through the initiative call 0800 783 3574.

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