I was thrilled to receive an email 10 days ago announcing the Help to Buy scheme was to be made available for the next three years to assist Scottish homebuyers.
Some people will question my sanity but I did unintentionally let out a joyous scream when the email landed in my inbox!
Let me explain my insanity; the New Build Department at McVey and Murricane which I head is my pride and joy and it is a testament to our success that we dealt with more Help to Buy transactions than any other legal firm in Scotland.
This is fantastic news and will keep not only the builders and our team busy but boost the housing market as a whole with the whole supply chain to the new build industry benefiting as will the wider economy.
What is Help to Buy?
In essence Help to Buy is government assistance for the prospective purchaser of a qualifying new build property potentially reducing the deposit requirement to 5%. Agreements are in place with major housebuilders and lenders.
The table below shows the maximum value of a property in order to qualify for the next three years along with the total budget available.
|Scheme Year||Ceiling Price||Budget|