The Scottish government has further invested into the Help to Buy Scheme, as it has already helped 1,100 people become first time buyers since the scheme began last September.
Deputy First Minister Nicola Sturgeon said that “This additional £40m funding will allow more people in Scotland to buy their first home and continue to make it easier for ‘second steppers’ and others to move to a new property.”
This extra cash injection has put the overall budget for the scheme in Scotland up to £275m.
156 house builders have signed onto the initiative, and six mortgage lenders are lending to people to get onto the scheme.
The scheme is “bringing much needed economic growth to Scotland by supporting our housing industry and creating employment opportunities. This is alongside our continued commitment to investing in affordable housing for communities in Scotland,” added Sturgeon.
At the moment, Lloyds Banking Group, Barclays, Nationwide, Leeds Building Society, Skipton Building Society and Glasgow Credit Union are the only lenders involved in Help to Buy (Scotland), but apparently discussions are underway with other lenders to expand the scheme even further.