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Take a step up the property ladder with Help to Buy and Walker Group

Take a step up the property ladder with Help to Buy and Walker Group

Help to Buy (Scotland)

The Scottish Government recently announced the latest phase of the Help to Buy (Scotland) initiative, designed to assist buyers in making a move in the property market.

The £195 million, three-year scheme, which begins from 1st March 2016, is open to first-time buyers and existing homeowners to help towards purchasing a newly built home.

Subject to certain criteria, under the incentive buyers only need to provide a 5% deposit to secure a new home with the Scottish Government providing a maximum 15% equity stake in the property.

In 2016/17, the scheme applies to properties up to the value of £230,000, reducing to £200,000 in 2017/18 and £175,000 in 2018/19.The Government’s equity stake is repayable when the property is resold.

Walker Group is a registered provider of the scheme and would encourage anyone seeking more information to contact us via email or by calling 01506 413 101.

We have outlined below example figures for a number of plots in our portfolio that are currently available to purchase through the Help to Buy scheme.

Example 1

Development: The Maltings, Dumbarton
Plot Number: 73
House Type: Albury
Price: £183,000
Deposit required: 5% = £9,150
Mortgage Payment: £630.55 per month

Example 2

Development: Meadowcroft, Falkirk
Plot Numbers: 83 & 84
House Type: Glenelg
Price: £167,000
Deposit required: 5% = £8,350
Mortgage Payment: £575.42 per month

Example 3

Development: Seven Wells, East Calder
Plot Numbers: 1 & 2
House Type: Albury
Price: £176,000
Deposit required: 5% = £8,800
Mortgage Payment: £606.43 per month

Example 4

Development: Ashton Gardens, Kirkliston
Plot Numbers: 41, 42 & 43
House Type: Albury
Price: £199,000
Deposit required: 5% = £9,950
Mortgage Payment: £685.68 per month

N.B. The example figures outlined above are based on a 2 year fixed rate mortgage at 2.14% over a 30 year term. The figures quoted assumes a 5% personal deposit from the buyer and 15% from the HTB scheme.

The figures above have been provided by our independent mortgage adviser, Peter Bruce. Peter deals with all mortgage enquiries for independent financial advisers, Clark Gillone. He can be contacted by emailing pbruce@clarkgillone.co.uk or calling 07980 213 133.

If you’d like to speak to Peter and our other property experts in person, we will be on hand to discuss all the details of the Help to Buy initiative at Ashton Gardens, Kirkliston on 27th and 28th February, between the hours of 11am - 5.30pm.

We look forward to seeing you there!