Inverness 01463 221727 | Dingwall 01349 866777 | Aviemore 01479 788688

Inverness 01463 221727

Dingwall 01349 866777

Aviemore 01479 788688

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.

First Time Buyers: Funding Your Property Purchase