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Help to Buy (Scotland)

Help to Buy (Scotland)

Find out more about the Scottish Government-backed equity loan

5% deposit + 15% equity loan + 80% mortgage = 100% home ownership!

Help to Buy scheme
Help to Buy scheme example

If you're buying in Scotland ask about the Scottish Government-backed Help to Buy (Scotland) Affordable New Build Scheme.

Available to first-time buyers and people already on the property ladder all you need is just a 5% deposit and a repayment mortgage of up to 80% of the value of the property. The remaining 15% of the full purchase price is lent to you by the Scottish Government in the form of an interest-free equity loan.


How Help to Buy (Scotland) works:

  • Only available on new-build properties in Scotland up to £200,000
  • You only need: a minimum 5% deposit; and no more than an 80% repayment mortgage from your bank or building society
  • The Scottish Government will then lend you up to 15% of the full purchase price which is interest-free for the term of the loan
  • If eligible, first time buyers and existing homeowners can use the scheme
How do I apply?

This is the easy part: just contact our friendly sales advisors at any one of our developments across Scotland and they can use their expertise and contacts to guide you every step of the way.

Help to Buy: Equity Loan calculator

Use our calculator guide to find out how Help to Buy: Equity Loan could help you buy a new home with just a 5% deposit.

Are you looking for a property in:
  • Adjust the slider or enter the amount of deposit you have available to purchase a home. The higher the deposit amount, the higher your Help to Buy: Equity Loan budget will be. This calculator assumes that the minimum allowable deposit for ‘Help to Buy: Equity Loan’ is 5%.

    Your deposit

    How much deposit do you have?

    x Please alter your amount to between the minimum and maximum figures.
    Max £10k Min £5.5k
    £
  • The Government could lend you up to 20 of the value of your property through an equity loan, which will be interest free for the term of the loan and can be repaid at any time or on the sale of your home. The Government could lend you up to 20 of the value of your property through an equity loan, which will be interest free for the term of the loan and can be repaid at any time or on the sale of your home.

    Help to Buy: Equity Loan

    The Government could lend you up to 20 of the home value.

    x Please alter your amount to between the minimum and maximum figures.
    Max £30k Min £16.499k
    £
  • You will only need to secure up to a 75 mortgage – qualifying for some of the best rates available.

    Mortgage

    Mortgage required

    x Please alter your amount to between the minimum and maximum figures.
    Max £160k Min £87.996k
    £

Your results

  • Your deposit
  • Help to Buy: Equity Loan
  • Your mortgage

Your results

  • £5,500Your deposit (5%)
  • £16,500Help to Buy: Equity Loan (15%)
  • £88,000Your mortgage (80%)
Your budget with
Help to Buy: Equity Loan
£109,995

Help to Buy (Scotland) FAQs

Where is the scheme available?
Help to Buy (Scotland) is available across all Persimmon developments in Scotland on homes up to £200,000.

Can you clarify the Help to Buy (Scotland) equity loan element?
The Scottish Government will provide you with an equity loan up to 15% value of the full purchase price of the property. This loan is interest-free for the term of the loan.

What are the repayment terms of the Help to Buy (Scotland) equity loan?
You can repay the loan any time within the first 25 years (or the terms of the mortgage), or when you sell the property. In addition, it's also possible to repay part of the equity loan subject to certain limits and criteria.

Is Help to Buy (Scotland) available on pre-owned homes?
No. The Help to Buy (Scotland) scheme is only available on new-build homes like those built by Persimmon.

Can I use the Help to Buy (Scotland) scheme if I already own a home?
The Help to Buy (Scotland) scheme is available to both first-time buyers and existing homeowners.

Is the Help to Buy (Scotland) scheme available for buy-to-let purchases?
The Help to Buy (Scotland) scheme is only available to purchasers using the property as their main residence.

What types of mortgage are available with Help to Buy (Scotland)?
Repayment mortgages are the only option with this scheme.

Where can I get financial advice from?
Persimmon can put you in touch with a list of recommended independent financial advisers who can assist you every step of the way.

Help to Buy (Scotland) Terms & Conditions
*The Help to Buy (Scotland) scheme has specific terms and conditions and is subject to affordability criteria as defined by the Scottish Government. The scheme is available on all plots in Scotland, with a full purchase price up to £200,000 subject to status, terms and conditions apply. Help to Buy (Scotland) eligible applicants will be offered an equity loan of up to a maximum of 15% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property. Applicants are required to fund at least 85% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a qualified lending institution (e.g. a bank or building society).

A professional legal adviser is required to carry out the legal formalities of buying the home and to represent your interests. Persimmon can provide you with a list of recommended solicitors and/or financial advisers as necessary. Persimmon cannot advise you on a mortgage. The Help to Buy (Scotland) scheme is subject to availability and may be withdrawn at any time without notice. Not to be used in conjunction with any other purchase assistance scheme, offer or promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, YOUR EQUITY LOAN OR OTHER DEBT SECURED ON IT. For full details on the Help to Buy (Scotland) scheme please visit: www.mygov.scot/help-to-buy/

Help to Buy related links:
Here’s some good news if you’re over 60 and in need of a new home…

It’s a fact that we’re living longer (hurrah), but this can mean you’re trapped in a home that doesn’t suit your needs for longer too.

The Scottish Government has announced an extension to the Help to Buy (Scotland) scheme to cover the needs of over 60s who need to move but can’t afford to.

So if you’re over 60 and can demonstrate a “housing need to move”, then this could be the perfect scheme for you. There’s a set of criteria you’ll need to be aware of:

  • You must be aged 60 or over
  • You must maximise your stake by using your full house sale proceeds (minus reasonable expenses). If you can raise the purchase price of the property through the sale of your existing home and savings you won’t be eligible.

You’ll need to demonstrate a housing need to move which should include at least one of the following:

  • Under occupation – living in property which is too large for you and you need to downsize.
  • Your property is no longer suitable to meet your needs – you can no longer manage the stairs etc.
  • Support – you may need to move closer to family or friends that can provide care and support.
  • Joint applications may be eligible (without the requirement for a mortgage) where one of the applicants is aged 60 or over.

Housing Minister Kevin Stewart said:

“For the first time ever, older people will have more choice and empowered to make the best decision for them. That could mean downsizing, buying a retirement home, or moving to a property that brings them closer to the support they need."

For further information contact your nearest Persimmon development in Scotland or visit the updated Scottish Government Help to Buy website.