A new scheme to help get people on the housing ladder has been launched by Deputy First Minister Nicola Sturgeon.

Over three years, the Scottish Government will allocate £220m for the Help to Buy (Scotland) shared equity scheme which will provide financial support to make buying a home easier.

From today (30 September), the scheme will be open to all first-time buyers as well as existing homeowners buying a new build home from participating home builders.

The home must be a buyer's only residence and they must not own another home.

The Scottish Government will provide help to eligible buyers of up to 20% of the purchase price of a new build home from a participating home builder. An eligible buyer will be expected to contribute a minimum of 80% of the cost of the new build home.


The shared equity scheme will apply to homes worth up to £400,000.

The scheme is backed by the Council of Mortgage Lenders and house building industry body Homes for Scotland, who have worked closely with the Scottish Government to develop a scheme suitable for the country.

The progress of the Help to Buy (Scotland) scheme will be monitored by a group including Council of Mortgage Lenders and Homes for Scotland.

Ms Sturgeon said: "There is no doubt that getting onto, or moving up the property ladder has become tougher in recent years.

"House buyers are being hampered by the lack of affordable mortgages, with high deposits often a major barrier.

"The Help to Buy (Scotland) scheme will not only help people to buy their first home, it will also help 'second-steppers' and others move to a new property.

"The scheme will also help support the housing industry alongside our commitment to investment in affordable housing across Scotland."

(JP/CD)