Mortgages  

Scottish Help to Buy extended to smaller builders

Scottish Help to Buy extended to smaller builders

The Scottish government has launched a £30m scheme to encourage property purchases from smaller housebuilders.

The Help to Buy (Scotland) Small Developers scheme will support purchases from approximately 170 housebuilders classed as small. It is part of a wider scheme whereby the Scottish government helps people buy newbuild homes by taking an equity stake in each property.

The small developer scheme is available on homes worth up to £250,000 from participating housebuilders, covering purchases made between April 1 2015 and March 31 2016. Applications can be made nine months before the anticipated completion date.

Article continues after advert

Scottish first minister Nicola Sturgeon said: “These are often in remote locations, and keep much-needed jobs and skills in rural areas, while having a positive knock-on impact on the wider economy.”

Martin Richardson, Leeds Building Society’s general manager for business development, said it would help more people get on the housing ladder.

Adviser view

Lyle Houghton, director of Suffolk-based Keystone IMC, said: “It seems a good thing to extend the scheme, as long as it is not taking away from another area.”