Nationwide starts accepting Scottish Help to Buy applications

Nationwide Building Society has started accepting mortgage applications from borrowers who wish to participate in the Scottish Help to Buy scheme.

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 their only property in Scotland with a maximum value of £400,000.

Borrowers are required to provide 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.

Nationwide head of group mortgages Tracie Pearce says: “We are now accepting Help to Buy applications in Scotland as we are keen to support the Scottish government’s efforts in helping the mortgage market to move forward.”