It’s estimated that thousands of households per week have benefitted from incentives and stepped onto the property ladder with the assistance of the Help to Buy shared equity scheme. Help to Buy (Scotland) assists with properties up to the value of £200,000.
Now the Scottish Government have launched another initiative aimed solely at first-time buyers.
The new First Home Fund is a shared equity scheme offering up to £25,000 with no ceiling on the total price of the property, available for both new and existing properties,
To apply this must be your first home, you cannot own or have previously held any other property. Whether in this country or any other, solely or jointly.
In return, your contribution will be a 5% deposit with a mortgage of 80% of the cost of your new home.
While the Scottish Government hold a 15% share of your property, you still retain the title and ownership of your home. Only on selling will that 15% be paid back.
For many people, the stress selling their existing property can prevent them from moving. But with part-exchange, all that stress is taken away from you.
With part exchange, you can trade-in your current home as part payment of a new build property, which means the new developer will buy your home and then discount the value from the price of the new home you want to buy.
How does it work
When you have chosen your new home, the developer will ask for two independent valuations, based on the selling price. They will then make you an offer, subject to a survey.
Once you accept this offer you can arrange your mortgage, appoint a solicitor, pay your reservation fee. If all goes to plan, you could be exchanging contract within four weeks.
If you are looking for a little help in moving, then consider Assisted Move. This incentive offers you support in selling your current property. Taking away the stress of organising your valuation, paying your Estate Agency fees and the cost of your Home Report.
It doesn’t matter whether you are moving up in size or downsizing, you can receive expert help in selling your property.
Sometimes incentives can be in the format of additional extras, such as integrated appliances in the kitchen. In essence, fridge/freezer, washing machine, tumble dryer, or it could be turfed garden both front and rear and fencing to provide privacy.
An incentive like these can be beneficial in the sense that it will save you money in having to buy these yourself.
At Allanwater Homes, we offer many choices, so speak to a sales advisor for information on all our incentives.