The Help to Buy Scotland scheme may be discontinued, but this doesn’t mean first-time buyers are being left out in the cold. Barratt Homes is reassuring prospective homeowners that there is other help available for getting on the property ladder.
The First Home Fund is an alternative shared equity scheme offered by the Scottish Government that provides up to £25,000 to all first-time buyers towards the purchase of a home – great news for anyone hoping to make the move this year.
The property market can be challenging to navigate, particularly for those doing so for the first time, so Barratt Homes is reducing this stress by addressing some commonly asked questions and reassuring that the door to owning a property is still very much open.
Anne Ross, sales director for Barratt Homes East Scotland said: “We’re here to make the process of buying a dream home as easy as possible, and this includes sharing useful information about the funding options available.
“While the Help to Buy Scheme is discontinued, we’re here to remind people that the First Home Fund is available and that the journey to owning a home doesn’t have to stall.”
If the virus has shown us anything it’s that a comfortable home plays a big role in wellbeing. A new home is a decision not to be taken lightly – and considerations like flexible living spaces, travel connections and the surrounding area have taken on new meaning during the pandemic.
If you’re looking to buy in Edinburgh using the First Home Fund, Barratt Homes’ Mayburn Walk (below) offers a variety of three and four-bedroom homes in Loanhead, to the south of Edinburgh.
With quick access to the Edinburgh bypass, park and ride options and regular bus services, Mayburn Walk offers the chance to own a house and private garden without having to compromise on location.
A stone’s throw from the Pentland Hills, downtime can be spent exploring some of Scotland’s finest hillwalking trails, all within the local area.
Flexible living
We’re spending more time in our homes, and they really have become our sanctuaries. Every design decision made by Barratt has been carefully considered to get the most out of the space. Homes such as the three-bedroom Coull include open plan kitchen/dining spaces with direct garden access, separate lounge space and bright and open rooms that flood with natural light. Ideal for first time buyers, the third single bedroom can be transformed into a private work space, fitness area or hobby room.
Also available are homes in the stylish Bonnyton and Wemyss styles, which include ample storage and utility cupboards, two double bedrooms, a family bathroom and private gardens.
The numbers
Homes at Mayburn Walk are available through the First Home Fund – perfect for a professional couple looking to make their first move together in a house that will grow with them. You can buy with a 5% deposit, 75% mortgage and 20% interest-free equity government loan.
Prices start at £235,995, so your costs could look a bit like this:
| Property price: | £235,995 |
| Buyer depositMortgage | £11,800£199,195 |
| Scottish Government loan: | £25,000 |
Barratt Homes’ First Home Fund Facts
When can I apply?
The First Home Fund shared equity scheme will re-open for applications on 1 April 2021 and run until 31 March 2022. The most awarded under the scheme to purchase a property is £25,000 but the Government will not charge any interest. Barratt Homes is currently taking reservations for homes under the First Home Fund scheme at Mayburn Walk.
I want to apply but where can I get professional advice?
We always recommend speaking to an independent financial advisor to help you navigate the market and ensure you’re getting the best mortgage deal for you. They’ll help you with your First Home Fund application.
Barratt’s expert sales advisors are on hand to help you choose a property that’s perfect for you, and can direct you to financial advisors in your community to guide you through the purchase.
How much of a deposit do I need?
You’ll typically need just 5% of the value of the property as a minimum, subject to lender requirements.
What other terms to I need to consider?
You’ll need to have secured a minimum mortgage of 25% of the property purchase price. In addition to this, the equity stake from the Scottish Government must not be more than 49% of the property value.
Is there a property price cap?
Unlike the Help to Buy Scheme, there is no cap on the property price, but of course buyers must ensure their ownership is sustainable and affordable for the long term.
For more information on Barratt Homes at Mayburn Walk, or for more advice on the First Home Fund, please visit the website.
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