The initiative makes £195 million available over the next three years to help people to buy their own homes. £80m will be made available in 2016/17 and buyers can submit applications to the scheme from March 1st.
Home owners have to contribute a minimum 5% and maximum 15% deposit for their new property which can be on the market for a maximum of £230,000. The mortgage and deposit must cover a combined 80% of the total purchase price and the Scottish Government will provide an equity stake of up to 20% of the value of the property that can be repaid at any time.
Sales and marketing director David Thomas said; “Now is a great time for new home buyers in Scotland to get the best deal when buying their home as government funding should be available on certain houses at all three of our Kier Living Caledonia sites.”
Homes eligible for Help to Buy Scotland can be found at Belvidere Village in Glasgow, Redding Bank in Falkirk and Hawkhead Village in Paisley.*
Belvidere Village is a stunning development of beautifully designed two, three and four-bedroom homes in a variety of styles just two miles from the centre of Glasgow while award-winning Hawkhead Village is a landmark development built around the former Hawkhead Hospital. The site has been transformed into a significant residential community of more than 300 homes.
At Redding Bank you will be ideally situated to explore the Scottish coastline and countryside with plenty of amenities close to home and stylish 2,3,4 and 5 bedroom homes to chose from.
Buyers can also take advantage of Kier Living’s Part Exchange initiative, which gives you the opportunity to use your current home as part payment towards a brand new property.
Help to Buy Scotland is:
- Available to all homebuyers looking to purchase a new Kier home, not just first time buyers
- A minimum of 5% deposit is required
- The Government will lend you up to 20% of the value of your new property through an equity loan
- Loan can be repaid at any time or on the sale of the home
- Only need to secure up to a 75% mortgage
- This scheme is exclusively available on new build homes only
- Maximum value of £230,000 in Scotland
- No annual income limit
*YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Available on new build homes subject to the Government’s Help to Buy terms and conditions and only available to customers where a primary mortgage is secured. Not available on second, additional homes, buy-to-let or let-to-buy properties. The equity loan is interest free for the first five years and needs to be a minimum of 10% of the purchase price up to a maximum of 20%. After five years, an annual fee of 1.75% of the outstanding equity loan is charged. This is increased annually by RPI plus 1%. Subject to status, terms and conditions apply.