Help to Buy and First Home Fund Scotland update
As you may or may not be aware, the Scottish Government have made the decision not to reopen the First Home Fund or Help to Buy in the next financial year (running from 2022 to 2023). Current accepted applications with purchases set for completion within the 2021/22 financial year will still be processed. We should stress though that no extensions can be offered beyond 31 March 2022 (except in exceptional circumstances) so those who have accepted applications but are not set to complete on a purchase until after that date, do speak with your solicitor to discuss this further.
Shared Equity purchase and the LIFT scheme (Low-cost Initiative for First Time buyers) will still be available however, the Scottish Government are shifting their focus and support towards owners looking to improve the energy efficiency of their existing homes. As specified by the Link Group: "The steady recovery in the higher loan-to-value mortgage market and the strong housebuilding sector mean that the time is now right for the Scottish Government to step back". Given that many of the schemes were designed to assist those with lower deposits and/along with assisting homebuilders to secure occupancy, just after the market crash in 2008, we are now in a position where these key matters have been addressed and are in a much more stable position than that of 2008/9.
There are a whole host of alterative options and Ballantynes strongly recommend that all buyers, who require a mortgage in order to purchase, speak with an Independent Financial Advisor (or IFA) as they will be able to provide you with all opportunities available including those both on and not openly available on the high street.
Contact Ballantynes to find out more as we will be happy to recommend and IFA who would be able to help.