Help to Buy Extended to Aid the Over 60s
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The following announcement yesterday of an extension to the Help to Buy (Scotland) scheme is a welcome boost for the over 60s with a need to move but are faced with financial constraints.
In a move designed to extend older people’s housing options, the Scottish Government has announced it will extend access to the Help to Buy (Scotland) Affordable New Build Scheme for buyers aged 60 and over who demonstrate a “housing need to move”.
Under the terms of the revised guidance which has been issued, applicants must maximise their stake by using their full house sale proceeds and savings (minus reasonable expenses eg removal costs, legal fees etc). Anyone in this group who can raise the purchase price of the property through the sale of their existing home and savings is not eligible.
Eligibility criteria will be as follows:
Aged 60 or over
Applicants must maximise their stake by using their full house sale proceeds (minus reasonable expenses). Anyone who can raise the purchase price of the property through the sale of their existing home and savings is not eligible.
Applicants must demonstrate a housing need to move which should include at least one of the following:
Under occupation – living in property which is too large and need to downsize
The property no longer suitable to meet their needs – can no longer manage the stairs etc
Support – need to move closer to family or friends that provide care and support
Joint applications may be eligible (without the requirement for a mortgage) where one of the applicants is aged 60 or over.
Housing Minister Kevin Stewart said:
“For the first time ever, older people will have more choice and empowered to make the best decision for them. That could mean downsizing, buying a retirement home, or moving to a property that brings them closer to the support they need".
To visit the updated Scottish Government Help to Buy pages, please click here.