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Help to Buy (Scotland)

Help to Buy (Scotland)

Help to Buy is available across Scotland

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


Help to Buy scheme
Help to Buy scheme example

If you have 5% of the cost of your dream home, you could be eligible for a Government equity loan of up to 15%, taking your mortgage borrowing down to 80%.

This could make your new home more affordable as the rates from the lender are more competitive at 80%, and repayments much less, meaning you could save hundreds of pounds!*

The best news is that the 15% loan is interest free!

The scheme is available to everyone – whether you’re a first-time buyer or looking to move up the property ladder. But be quick as the funds are limited!

How Help to Buy (Scotland) works:

  • A minimum 5% deposit is all you’ll need
  • Available on all Persimmon homes in Scotland up to £200,000
  • Help to Buy (Scotland) is available to all types of home buyers
  • The Scottish Government will lend you up to 15% of the value of your property through an equity loan – interest-free for the loan term
  • You will only need to secure up to a 80% mortgage
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 calculator

Use our calculator to find out how Help to Buy can increase your budget, and help you move house 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 budget will be. This calculator assumes that the minimum allowable deposit for ‘Help to Buy’ 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 £5.25k
    £
  • 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 £15.749k
    £
  • 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 £83.996k
    £

Your results

  • Your deposit
  • Help to Buy loan
  • Your mortgage

Your results

  • £5,500Your deposit (5%)
  • £16,000Help to Buy loan (15%)
  • £84,000Your mortgage (80%)
Your budget with Help to Buy £104,995

 

Help to Buy (Scotland) Equity Loan 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 equity loan element?
The Government will provide you with an equity loan up to 15% value of the property. This loan is interest free for the term of the loan.

What are the repayment terms of the 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.

Is the scheme available on pre-owned homes?
The Help to Buy (Scotland) scheme is only available on new-build homes like those built by Persimmon.

Can I use the 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 scheme available as a buy-to-let option?
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 financial advisers who can assist you every step of the way.

Help to Buy (Scotland) Equity Loan Terms and Conditions
*The Help to Buy (Scotland) equity loan scheme has specific terms and conditions and is subject to affordability criteria as defined by the Scottish Government. Help to Buy (Scotland) equity loan 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) equity loan 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. Full details available on request.

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.