The terms and conditions of Help to Buy in Scotland are as follows:
- The Help to Buy (Scotland) Smaller Developers New Build scheme for over-60s is available on selected apartments at selected McCarthy Stone developments throughout Scotland up to the value of £200,000.
- The scheme will not be available for part-exchange, buy-to-let or self-build properties.
- If you’re over 60 and can raise the purchase price of your new apartment through the sale of your existing home and savings, you will not be not eligible for the scheme. Eligible applicants must use 90% of any savings above £5,000 towards the purchase price of their new property
- Applications must be submitted no more than 9 months in advance to the legal completion date of your new home. If the transaction does not complete within the 9 month period of time, financial assistance under the scheme will be withdrawn.
- Please note that transactions approved cannot complete after 31 March 2021. If a transaction does not complete by or before this date, your financial assistance will be withdrawn.
- Eligible applicants will be offered an equity stake of up to a maximum of 15% of the full market price.
- The Scottish Government will hold the second charge on the property.
- There is no fee charged on the equity stake component.