Help to Buy Scotland: It’s baaaack

Yesterday, First Minister Nicola Sturgeon pledged to provide £195 million over the next three years to extend the Help to Buy (Scotland) scheme. The funding is set to help at least 6,500 households and promises a “root and branch review of the planning system”

The previous Help-to-Buy scheme closed in May after the funding ran-out for the financial year only two months in.

More details on the scheme’s arrangements will be provided following the publication of the UK Spending Review in November.

Social Justice Secretary Alex Neil comments included: “By targeting resources at affordable homes, the new scheme will widen access by providing a helping hand to individuals and families who wish to buy a new-build home.

“By the end of this new scheme, coupled with support through the current Help to Buy scheme, we will have helped around 14,000 households buy a new-build home.

“We will also reach our five-year plan of 30,000 affordable homes by March 2016 and our planned investment in affordable housing will exceed £1.7bn.”

What is the Help to Buy (Scotland) Scheme?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Source: Scottish Government, http://news.scotland.gov.uk/News/Help-for-thousands-of-homebuyers-in-Scotland-1c85.aspx, published 02/09/2015