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Parliamentary debates and questions

S5W-22888: Pauline McNeill (Glasgow)

Scottish Labour

Date lodged: 29 April 2019

To ask the Scottish Government what the eligibility criteria will be for the recently-announced national pilot scheme to provide loans for first-time buyers, including whether these will be available for purchasing all homes or only new-builds, and from what budget line the £150 million required to fund the scheme will be drawn.

 

Answered by: Aileen Campbell 13 May 2019

The Scottish Government will work with stakeholders to fully develop the eligibility criteria for the new scheme. The budget will be funded from financial transactions capital.

Eligible first-time buyers will be able to purchase homes sold on the open market, including new builds. Buyers will be required to fund a minimum of 5% of the value of their new house from their own funds and loans can be up to £25,000.

The scheme will open by the end of the year alongside our existing shared equity schemes to support those who want to buy a home and will help address generational fairness.