Help for First Time Buyers

There is help available for first time buyers who would be able to afford the mortgage payments on a home but are having difficulty saving for a deposit.

Help to Buy (Scotland)

This scheme is now closed. See more on the Scottish Government’s website.

Open Market Shared Equity

The Open Market Shared Equity (OMSE) scheme aims to help first-time buyers and priority access groups on low to moderate incomes to purchase a property on the open market.

The Scottish Government takes between a 60%-90% equity stake in the property.  Once you own a home through this scheme, you’ll be able to buy a bigger share later if your financial situation changes.

More details about eligibility and how to apply are available on the Scottish Government website.

Help to Buy ISA

The Help to Buy ISA was introduced by the UK Government to help first time buyers save to buy a home on the open market. This scheme can be used to buy a new build home or an existing home.

This scheme allows the first time buyer to open a special ISA with a participating bank. First time buyers can deposit an initial lump sum of up to £1,200 and deposit up to £200 each month. The UK Government will contribute an additional 25% on these savings up to £3000.

The bonus will only be paid when the saver is ready to purchase their home.

There are strict rules about when the bonus will be paid so depending on what type of mortgage you have in place, the funds may not be paid until after the sale has been completed. Advice should be sought from a mortgage advisor or solicitor to help you decide if this scheme is right for you.

More information about the scheme, eligibility and how to apply is available on the UK Government’s website.