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    Through the Help to Buy (Scotland) Affordable New Build scheme qualifying purchasers are able to buy a new build home without having to fund its entire cost and will receive assistance from the Scottish Government. The builder /development must be registered for the scheme.

    Home buyers need to be assessed for the scheme which in general terms looks for applicants to use their full borrowing potential and provide the required deposit to purchase a share of the property. Government funding deals with the shortfall.

    You'll be expected to pay a minimum of 85% of the home's total purchase price. The Scottish Government will hold the remaining % share under a shared equity agreement which it will enter into with you.  Although you'll have complete title to your home and your name will be on the title deeds for it, there will be a mortgage (or 'standard security') on the home to make sure the Scottish Government's share is protected. 

    As you have complete title to your home you need to budget for the usual overall costs involved in owning the house. You still have the running costs associated with the full property including council tax, repairs and maintenance, utility bills, fittings and furnishings, buildings and contents insurance etc.

    The advantage is that you do not have to fund the equivalent of the government’s share in the property and as such you will have lower monthly mortgage cost.

    If you want to buy a new build home using the Help to Buy scheme, the current threshold price is £200,000 for purchases completed on or before 31 March 2019. Houses priced above that level do not qualify for purchase under the scheme.

    How to apply

    If you want to apply for funding through the Help to Buy scheme, you first need to contact a participating house builder. After you have done this, you will need to speak to either a lender directly or to an independent financial adviser, who will discuss your current financial position and assess your ability to obtain a mortgage.

    You will then need to reserve the home and get a full reservation agreement from the builder. You may need to pay a reservation fee to do this.

    After this, you should apply for funding through the administering agent for your area.

    If the agent assesses that your application is eligible, they'll send you an 'Authority to Proceed' (ATP), which confirms your eligibility and lets you go ahead with the purchase.

    Your solicitor will then check to make sure the mortgage offer, property price and the funds you have are all valid under the terms of the Authority to Proceed.

    There are other considerations to be made relating to the purchase regarding the conditions which apply to the various options such as increasing your percentage ownership, selling the property, the legal costs, carrying out improvement and many more. Your financial adviser and solicitor can provide guidance on these matters.

    Used appropriately Help to Buy can be an excellent vehicle to acquiring a property suited to your needs and financial situation.

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    It is now already 1 month today since Judith and myself got the Keys to our house....this has passed very quickly, we are now very happily settled into our new home !! I just wanted to pass a big 'Thank You' to all at 'Team Thorntons' for assisting with our sale and purchase.......as per all historical business with Thorntons our interests were extremely well looked after by all throughout the whole process.
    N Murray

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