Halifax has joined the Scottish Help to Buy programme, which launched today.
Homebuyers who meet the Help to Buy (Scotland) criteria will have access to interest-free equity loans for new-build purchases. This will include first-time buyers and home movers purchasing a new-build with a maximum value of £400,000.
Borrowers are required to provide at least five per cent of the purchase price, after which the Scottish government will part finance the property between a minimum of 10 per cent and a maximum of 20 per cent.
The Scottish government has allocated £220m towards the scheme and will run for the next three years.
The property purchased must be used as the borrower’s main residence and applicants cannot have a second property such as a buy to let or holiday home.
The Scottish version of the scheme charges no interest for the duration of the equity loan whereas in England, interest is charged from the sixth year.
Nationwide and Woolwich have also joined Help to Buy Scotland.