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Buying a home

Buying a new home can sometimes be a daunting experience. From the first time you speak to a member of our staff, to the day you move into your new home and beyond, we want to ensure that you receive the best possible customer service.

Our Home Buying Guide is intended to explain the different processes and stages that you will experience when you purchase a home from Hope Homes Scotland.


Help to Buy

Help to Buy

If you want to buy a new build home but can't afford the total cost, you might be able to get help through the Help to Buy (Scotland) scheme.

The scheme is open to first time buyers and existing homeowners and helps you with up to 15% of the purchase price of a new build home.

Help to Buy is available on homes in Scotland worth up to £200,000. Homes which are within this range at Chapelton, Seamill are The Keel and The Ketch which are part The Wheel House and Customs House.

Further details can be found in the Scottish Government's Information for Buyers leaflet

You may only buy a new build home from a builder who is registered with the scheme. We are listed under the Smaller Developer scheme.

If you apply to the scheme, you will need to make sure that:

You also have submit your application no more than 9 months in advance of the date you expect to finish buying the property.

We suggest you speak to your financial adviser for more details.

Buying a home

First Home Fund

First Home Fund

The First Home Fund is run by the Scottish Government and aims to help first-time home buyers purchase a property. Up to £25,000 is available to all first-time buyers towards the purchase of both new build and existing properties. A first-time buyer is anyone who does not own, or has previously owned, a property in Scotland or anywhere else in the world. In order to take part in the scheme, you will be required to provide a minimum deposit of around 5% (subject to individual lender requirements) and your mortgage must be at least 25% of the purchase price. Although the Scottish Government will have an equity share in the property, you will own the property outright. There are no monthly payments to be made towards the Scottish Government and no interest will be charged. Please note that lenders will have their own individual requirements when providing a mortgage. The lender or a mortgage advisor will be able to fully explain these requirements to you. You will normally repay the Scottish Government's percentage equity share when you sell your home, however you can choose to pay this off earlier.

Buying through a shared equity scheme means you split the cost of purchasing the property with the Scottish Government. You will fund your share through a deposit and a mortgage, with the remaining share being provided by the Scottish Government. There are no monthly payments or interest payments to the Scottish Government for their contribution. Instead, you will normally pay it back when you sell your property, or you can choose to increase your equity share over time. As an example, if your deposit and mortgage pays for 85% of your home's value when you buy, the Scottish Government will hold a 15% share. This means that when you sell, you will receive 85% of the final sale price and the Scottish Government will receive 15%. This does not mean that the Scottish Government has an ownership right to the property. You will own the property outright and hold the full title.

Example of different equity shares:

John's Purchase Property valuation and purchase price £100,000
John's deposit and mortgage £75,000
SG contribution £25,000
SG equity share 25%

Amy's Purchase Property valuation and purchase price £50,000
Amy's deposit and mortgage £25,500
SG contribution £24,500
SG equity share 49%

In this example, John can receive the full £25,000 contribution as this would be a 25% equity share for the Scottish Government.

Amy is not awarded the full £25,000 because the Scottish Government equity share cannot exceed 49%. The maximum amount she can receive is £24,500.

There is a limit of one application per property. You can submit a joint application however you will be limited to one award of £25,000.

*Your mortgage must be at least 25% of the purchase price.
*Your mortgage must be capital repayment.
*The property must be the sole residence of all applicants. The scheme is not available for buy-to-let properties.
*You cannot apply to other Scottish Government shared equity schemes (e.g. Help to Buy (Scotland) Affordable New Build, Help to Buy (Scotland) Smaller Developer, New Supply Shared Equity or Open Market Shared Equity) while also applying to this scheme. If you have an open application to any other shared equity scheme in Scotland, you must withdraw this before you apply to this scheme. However you are able to use a Help to Buy: ISA or Lifetime ISA to go towards your deposit.

We would recommend that you consult with an Independent Financial Adviser (IFA) before applying to the scheme. There are a range of shared equity schemes available to applicants in Scotland and an IFA will help you choose. See scot.gov for more information Link - https://www.gov.scot/policies/homeowners/first-home-fund/