Funding Your Property Purchase

15th May 2019

Conveyancing Solicitor and Partner Alida Bryce talks about the options available to First Time Buyers with a low deposit.

The new financial year for the Help to Buy Scheme started at the beginning of April. If any First Time Buyer would like to buy a property using the Help to Buy Scheme they can apply to buy a new build home without having to fund its entire cost and will receive assistance from the Scottish Government. Similarly an application to the LIFT Scheme can assist in a similar manner in the purchase of a property on the open market, provided it meets the criteria of the scheme.

The buyer would be expected to fund a minimum of at least 85% of the home’s total purchase price by deposit and mortgage. The Scottish Government will hold the remaining percentage share under a Shared Equity Agreement which they will enter into with the buyer.

This means that you can purchase a new home with only a small deposit.

If you are already saving into a Help to Buy Isa, the Government will provide a bonus of 25% of the total sum which has been saved, thereby making  the purchase of a new home all the more accessible.

For more help and advice on buying your first home, speak to a member of our Conveyancing team on 01463 221727 or email

If you missed Part 1 in our First Timy Buyer Blog series, you can catch up here. Our in-house Financial Advisor Hamish Malcolm guides you through the process of preparing for your first mortgage. Part 3 in our First Time Buyer series looks at finding the perfect property, click here to read.

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